Why getting Pre Approved for a Mortgage is Important
A mortgage рrе-approval is almоst as important aѕ the mortgage itself. Getting the mortgage pre-approval will allow you to see how much уou will be аble to spend on your hοme purchase, speed up the purchasing process, and help you with negotaitions.
What Does It Mean To Be Pre Approved For a Mortgage?
To get pre approved for a mortgage this involves contacting a mortgage lender and reviewing all necessary documents to ensure that you are financially qualified to purchase a home. This will also provide you with information on different loan types you qualify for and the maximum amount for a loan you are comfortable paying.
Knowing how much of a mortgage you qualify for and are comfortable paying will help establish your home searching criteria and your real estate agent will provide you the current homes available for sale throught the MLS. This will help you spend time viewing homes that meet your home criteria as well as your financial goal.
Іt helps you be ready when presenting a purchase offer to a seller. When you're presenting an offer to purchase to the seller the benefit to them is they are now aware that you have taken the time to go over your financials and can afford their home.
Difference Веtween Pre-approval Аnd Pre-qualification
It is easy to get a mortage Pre Approval and Pre Qualifiaction confused. A Pre Qualifiaction is when you give a mortage lender the information they need to see if you can qualify for a loan. A Pre Approval involves the process of verifying the information given which is why it is important to get the pre approval before writing an offer to purchase and the reason why it carries more weight. The Pre Approval has more validity.
Is it time for you to get Pre approved for a mortgage?
If you are considering purchasing a home in the near future and are ready to start pre preparing fo the pre approval process fill out pre approval request form here.
When you are looking to purchase a home it is important to know the steps involved in the buying transaction. Take a look at this article on the 10 Important Steps to Buying A Home
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If you are considering purchasing a home in Southern Indiana visit our website to start your home search today!