Home Buying - Step 3 of 7

Home Buying - Step 3 of 7
You can save yourself time and heartache by meeting with a lender before you start your search for a home. 

Step 3: Get pre-qualified or pre-approved by a lender
A lender can let you know what specific loan programs are best for you and help you to understand what it takes to qualify for the loan. By taking a look at your financial situation and looking at your credit history, a lender can give you a good idea of the loan amount in which you qualify for. Many lenders call this process “pre-qualifying the buyer.”

To make certain that you can be approved for a loan, you may want to be “pre-approved.” In the approval process, all of your documentation is completed and submitted to an underwriter often before you find the home you want to purchase. The pre-approval that you will receive is an actual loan commitment from a lender – your guarantee of loan approval. 

Ask your lender to explain the differences and to discuss limits and obligations under both the “pre-qualifying” and “pre-approval” process. 
In coming days, we will follow up with another email that explains Step 4: Find a Good Real Estate Agent to Help You. (That's an easy one!) 

Contact us if you would like to discuss your options for lenders and lending programs. And if 
you want all the steps sent directly to your email let me know.

Sharon Gill

Sharon Gill

Real Estate Broker Sales Associate
Contact Me

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