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.
You may be able to afford more than you think!
Every second counts in the housing market when there's so much demand for a relatively low supply of homes. DM me to learn more about how getting pre-approved before starting your home search will make you agile enough to snatch up your dream home before anyone else can.