| Life Has Few Guarantees... Let Me Help With The Biggest Investment You'll Ever Make.... Your Home !B. |
| Cynthia DaSilva |
| (602) 930-3141 |
STEP 2
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Get Preapproved or Prequalify for a Loan
Now that you have your list of features you want in your new home, are you ready to start
looking? Well, not just yet. You are going to need to know in what price range to look. There are
two ways to go about this. You can get prequalified or preapproved for a mortgage.
Either way, you will need to contact a mortgage company. There are some key differences
between prequalification and preapproval for a loan that you need to be aware of. Loan
prequalification is a simple process. It takes into account very basic information regarding your
financial status and gives you an amount for which you may qualify. This can be done strictly on a
verbal level or electronically over the Internet. The prequalified amount is based solely on the
information you provide. In most markets, prequalified buyers usually hold little clout compared to
preapproved buyers due to the fact that the information given during the prequalification process
is not thoroughly investigated and therefore may be unreliable. Where a preapproved buyer is
actually approved for a loan of a certain amount, a prequalified buyer is only told that they might
be approved for a certain amount.
Pre-approval is a much more involved process. The lender will take all pertinent information
regarding your finances and perform an extensive check on your current financial status. This
will ultimately give you the exact amount that you will be eligible for (depending on what type of
loan you decide to go with). Being preapproved lets the seller know that you have gone through an
extensive financial background check and there should be no unexpected obstacles to buying the
home. You can see how being preapproved would be more attractive to a seller than just being
prequalified.
Back
Now that you have your list of features you want in your new home, are you ready to start
looking? Well, not just yet. You are going to need to know in what price range to look. There are
two ways to go about this. You can get prequalified or preapproved for a mortgage.
Either way, you will need to contact a mortgage company. There are some key differences
between prequalification and preapproval for a loan that you need to be aware of. Loan
prequalification is a simple process. It takes into account very basic information regarding your
financial status and gives you an amount for which you may qualify. This can be done strictly on a
verbal level or electronically over the Internet. The prequalified amount is based solely on the
information you provide. In most markets, prequalified buyers usually hold little clout compared to
preapproved buyers due to the fact that the information given during the prequalification process
is not thoroughly investigated and therefore may be unreliable. Where a preapproved buyer is
actually approved for a loan of a certain amount, a prequalified buyer is only told that they might
be approved for a certain amount.
Pre-approval is a much more involved process. The lender will take all pertinent information
regarding your finances and perform an extensive check on your current financial status. This
will ultimately give you the exact amount that you will be eligible for (depending on what type of
loan you decide to go with). Being preapproved lets the seller know that you have gone through an
extensive financial background check and there should be no unexpected obstacles to buying the
home. You can see how being preapproved would be more attractive to a seller than just being
prequalified.
Back
| Cynthia DaSilva 602-930-3141 |