Get Pre-qualified!

Getting pre-qualified is an important first step to homeownership and is often overlooked when people are considering buying a home. Getting pre-qualified is like organizing supplies before going on a camping trip.
The more organized you are, the more enjoyable your camping trip will be. Well mortgages are similar because the more preparation you do will result in a low stress experience as you complete the loan process and buy your home.

Pre-qualification vs. Pre-approval

A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular period, such as 90 days). Final loan approval occurs when you have an appraisal done and the loan is applied to a property.

When you contact the lender to discuss a home loan, you may be surprised just how thorough the lenders research will be as they determine how much home you can afford. Below we have assembled a list of many of the frequently asked questions by lenders. This list is valuable because it helps buyers understand The significant amount of information they will have to provide a lender before they can obtain a loan. Here is what should expect in the home buying process