As Realtors in Tipp City, we love to show homes to potential buyers. However, there are only a few things more frustrating when searching for a new home than falling in love with a house that simply doesn't fit your budget. So before you begin looking for a new home, work with a reputable mortgage company such as Real Living Mortgage (Wells Fargo) to learn more about getting pre-qualified or pre-approved. There are differences between those seemingly similar terms.
Pre-qualification. Starting with this step is easy, and it provides you with an estimate of how much financing you may be eligible for. Then you can talk with your agent so he or she can select homes that fit both your preferences and your price range. A pre-qualification is simply just running numbers for you, so you should really get a full fledged pre-approval that includes a credit check. Most loan programs these days are so credit-score sensitive that a lender can't really tell what programs you qualify for with out having your credit score. This is especially true if you are trying for 100% financing.
Pre-Approval is the same as the pre-qualification except you take it a step further and pull a credit report. The loan officer underwrites the file with desk top underwriting software when applicable. You are informed of the documentation required to process your loan should you choose to go further.
Real Living Mortgage offers a Free 1% buy down for the first year of your loan with them. Think of all the little extras you can buy for your new home with the money you save! Contact Joyce or Terry at www.thomasteam.info for more information.
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