Michigan Mortgage Blog -Atlantis Mortgage
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Is a Pre-Qualified Loan Enough?
Are you ready to buy a home of your own? Have you looked at your credit reports, started making a list of what you're looking for in a home? Have you taken steps towards finding a real estate agent or towards buying a home on your own using a flat fee real estate service?
Once you start taking steps towards buying a home of your own, you'll hear a lot about the importance of having a pre-qualified loan. Having a pre-qualified loan is enough to let real estate agents and you know how much you'll be able to spend on the home that you decide to purchase.
But is a pre-qualified loan enough?
With a pre-qualified loan, you'll find that the lender looks over your credit history, your income and assets and provides an estimate of the mortgage you will be eligible to take out. However, a pre-qualified loan is not a commitment from that lender.
In order to know exactly what your mortgage loan options are, you'll want to go a step beyond a pre-qualified loan: you'll want to be pre-approved for your mortgage.
With a pre-approved mortgage, you'll find that you have more control: you'll know what your loan rates will be; you'll know how much you can offer on a home. This control will give you more buying power than a pre-qualified loan will because you and the lender will have all of the information ready.
www.atlantismortgage.com
Jonathan Saffiedine
866-357-9100
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Jonathan - Good advice ... but ... whether they should be pre-qual and pre-app is really dependent on where they are in the process. I am working with a young professional who is not going to buy until his lease is up - about 5 months - and we are not getting him pre-app until closer to the date. Not going to incur those costs until we need to. The pre-qual gives us enough to get him thinking about his ballpark pricing and move forward in the education area so when we are ready to buy it becomes a quicker and easier tranacation.
Just my two cents.