Why Get Pre-Qualified?
1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets, and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
Better Yet Pre-Approval
Pre-Approval signifies that the loan application has been taken through a rigorous procedure. Here's is why pre-approved buyers are ahead in the home buying process. Lenders will have reviewed your credit, debt, income, and work history. The lender has determined how much money you can borrow, the loan programs and the interest rate you qualify.
1. Saves time looking at homes you can not afford.
2. Gives you an edge when multiple offers have been made.
3. May be able to close escrow more quickly because most of the work has already been done.
Want more information on KellerMortgage, fill out the form below.