Thinking of buying a home? Once your decision is made you are on your way to ownership. The time to start the home buying process is now. Your overall satisfaction in the process of buying could be determined by how well you understand it. Does this have you asking exactly what should be your next step?  The majority of home buyers seek the services and advice of a local agent. As your local agent I can provide step by step guidance and practical information from the beginning of the process to the keys in-hand of your new home. Let’s look at what it takes to obtain a loan or mortgage from a financial lender.There are two P’s in the process that you should know. The first P is prequalify and the second one is preapproval. Both P’s have to do with getting loan approval from the lender of your choice but with different meanings. Today’s lender’s requirements have been tightened and it is increasingly more important to be preapproved for a loan prior to seeking out that dream home. In days past a person could be prequalified which simply means that you gave your credit information and a generic report was generated based solely on the information provided. Preapproval requires all the same information you provided when prequalifying but it takes it a step or two further. The lending officer often with the assistance of a processor will seek to verify the information provided prior to giving any kind of approval. Once verification has been obtained a letter of preapproval based on your personal credit worthiness only may be issued documenting the amount of the loan a lender is willing to offer. This letter of preapproval has become much more significant in today’s buying. Not only are more and more sellers requiring proof of financial ability from a lender before accepting a contract to purchase but buyers’ agents are requiring prior to showing homes. Getting the preapproval letter creates a win-win situation for all - the buyer, the seller and all parties involved. Links of Interest:  Success means having the courage, the determination, and the will to become the person you believe you were meant to be. |
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Posted via email from teralmc
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