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Welcome |
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Play With The Numbers |
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Decide on a Loan |
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Get Pre-Qualified |
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Find Your Home |
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Make an Offer |
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Closing |
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Getting pre-qualified is like getting an estimate from a mortgage institution detailing how much of a loan you can likely afford. Pre-qualification is based on information you give the lender about your income, your assets, and your liabilities, and serves more as a guide to you of what a lender might require rather than as any official approval by them.
Getting pre-approved is another option, if you want to add a few simple steps to the beginning of the loan process. Pre-approval means that you fill out a loan application and provide all your salary and credit information. The lender then checks your assets and pre-approves' your capability to get a loan. This is a very useful tool for you to use, especially in a highly competitive housing market.
When you find your dream home, you can present the seller with your pre-approved' loan document, showing them that not only are you serious about buying their house, but you've already been pre-approved for financing. It could make the difference between getting the house you want or watching some other bidder step in with a pre-approved loan and snatch that house away. Pre-approval is good for 120 days and depends on the appropriateness of the property you want to purchase. Fees, like credit reports do apply.
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