If you are like so many first time home buyers, you search the internet, cruise the streets, and go to all the open houses and suddenly, you find the perfect home. It’s just what you and your family have always wanted. It has a beautiful, spacious yard for the children, a remodeled updated kitchen, nice garage with a shop and a beautiful master bedroom. There’s only one problem, you don’t know that you can afford this home or what the monthly payments will be, including property taxes and homeowners insurance. Isn’t it wise to know these “minor details” before you fall in love with your dream home?
Getting pre-approved is the first step in your home-buying process. If your credit isn’t strong enough, there are things you can do to repair it. Likewise, if you aren’t earning enough, it is better to know that up front, rather than waste time and energy finding the perfect home, only to realize you can’t get it. Also, many sellers and listing agents require a pre approval letter anyway, so why wait?
When a “good deal” comes up, and they have been coming up a lot lately, you need to be ready to move quickly. Know what you can afford and make sure you are getting the best loan possible for your unique situation. There are many great loan programs to choose from, so you will need to know your options.
The time you spend setting up the pre-approval will make the loan application process much faster and smoother. You will not waste time later having to gather documents or clear up inconsistencies in your credit or employment history.
Don’t let them show you homes which are out of your price range. Stick to the numbers that will allow you to get a good loan.
Does a pre-approval letter guarantee you the loan? No. But if a lender or mortgage broker pre-qualifies you properly, you can be reasonably sure you will get the loan.
The major difference between a “pre-approved” and a “pre-qualified” borrower, is that on a “pre approved” borrower, the loan officer has actually taken a loan application ,checked your credit, and has usually verified your income and employment history to make a reasonable credit decision as to how much you actually qualify for.
There is no reason not to get pre-approved for a home. It helps you, your real estate agent and the seller ensure a smooth home-buying process.
To get pre approved for a home loan in Washington State, please visit : http://www.mortgagesNW.com, and Rich can help you quickly.
By Rich Rano
MLO# 120146
Mortgage Leads
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