Are you pre-qualified or pre-approved for a loan?

Before you begin to shop for a new home, you should set up a time to meet with me so we can talk out how much you can afford--and just as important--determine how to structure your financing to fit your financial needs and goals. This will help you be prepared to make an offer when you find the home that is right for you. 

It is important to understand that the pre-approval process is much more than seeing if you have good credit or make enough money to to qualify. The pre-approval process helps to determine how you and your real estate professional should negotiate your offer and gives you information about what options you have well in advance of finding a home.

When a buyer puts off talking to a mortgage professional until they find the home on which they want to make an offer, they often have fewer options than if they had discussed their financing options earlier in the process. According to a recent survey of home buyers, when asked about what they would do differently the next time they bought a home the number one answer was 'get pre-approved earlier in the process'.  

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide me with various information regarding your employment, assets and financial status. We’ll review your mortgage options and submit your application to the investor that best meets your needs. Within hours I will send you a pre-approval letter indicating the amount for which you have been pre-approved (subject to qualifying of course).