It used to be that buyers could go house shopping and find their dream home, and then they go to get pre-approved. In today’s market however, that has proven to be one of the least effective methods in landing the dream home.
Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for.
Most real estate agents will request that you get pre-qualified before beginning to look at properties and may even refer you to someone they have a good working relationship with. Sellers will require a pre-approval prior to accepting an offer on their home.
Being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage, you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.
This process often is not completed until you have an accepted contract on a home. It is important to provide accurate information during the pre-qualification process and work with a reputable lender.
Accurety, LLC works with licensed mortgage professionals who can assist you with the process of getting pre-approved and qualifying for a mortgage after you have found a home. Contact us for a local referral who will assist you to determine the best loan programs and give you the customer service you deserve.