The importance of understanding the mortgage process
It’s easy to get overwhelmed when you’re planning to buy a home. There’s a lot to think about, so I want to make your home buying process as easy as possible without being completely automated and impersonal. With so much of your hard-earned money on the line, now’s the best time to seek advice from a trusted home loan expert and know you’re in qualified hands.
Shopping for a home loan is a big task but does not have to be overwhelming. I have the experience to guide you every step of the way through the mortgage process. With thousands of loan products available, I can help you sort through the maze to find the lender and the loan that is right for you.
Pre-Qualification
A pre-qualification is a lender’ estimate of the amount a home buyer can expect to be approved for during the loan process. Getting pre-qualified is a quick assessment by a lender of the buyer’s financial situation based solely off of what a buyer tells a lender, and not based with any proof or verifications.
Pre-Approval
Getting pre-approved requires home buyers to fill out an application that allows a lender to determine their financial situation, including their debt-to-income ratio, ability to repay and credit-worthiness. Once this is in hand, the lender can give the buyer a letter stating the exact loan amount they have been pre-approved for along with the total sales price they are approved for.
Pre-Approval - Why does it matter?
Let me see if I can frame it this way...
Has this ever happened to you? You’re out with friends and decide to grab dinner. There’s a new place in town you’ve heard is fantastic. Rave reviews, amazing cuisine. Everyone’s excited. You drive over, pay for parking, and sure enough, there’s a crowd. The atmosphere is perfect, the menu looks incredible. Mouths water, you can’t wait. You step up to put your name on the list and the hostess says: “Name for your reservation?”
“Reservation? I had no idea they were required!” Awkward apologies. They’re booked and you’re out of luck. Not even a seat at the bar. It’s embarrassing. Your friends are disappointed. So much for your recommendation. It’s not so different when you’re thinking of buying a home and you haven’t spoken to a mortgage professional in advance. You can search, find the right home, negotiate a contract... then uh-oh. You find out you aren’t qualified.
If you’re thinking about beginning a home search soon, let me help you avoid disappointment. You'll get a picture of your credit score, the type of rate you’d pay, plus get the chance to correct any errors or problems on your credit report. A pre-qualification letter can have a direct impact on your ability to negotiate, too.
Let me be your guide
Shopping for a home loan is a big task but does not have to be overwhelming. I have the experience to guide you every step of the way through the mortgage process. With thousands of loan products available, I can help you sort through the maze to find the lender and the loan that is right for you.