Mortgage loan pre approval is one of the ways that smart buyers opt for whenever they consider acquiring any piece of property that might require financing. It doesn’t matter whether you are a fast time buyer or you have been in the industry for a while but getting pre approved by your bank will go a long way in ensuring that you have seamless process and make the most out of your purchase.
There are many instances when people have mistaken between a loan prequalification and the mortgage loans preapproval. The two are different and serves very distinct purposes. In mortgage prequalification, your bank will assess you debt to income ratio as per the banking guidelines of the United States. The main aim of prequalification is to essentially determine how much you may be able to borrow when you are considering taking a mortgage plan. This is usually the first step that most people will prefer in their house hunting journey. Prequalification is to help the bank determine as whether or not you are in a position to secure any funding from them.
Mortgage loans preapproval on the other hand is a process you undertake when you want to prove to your potentials sellers that you indeed have the resources to make a purchase. The process is similar to loan application in that you will submit all the important information that relates to your income and assets to the underwriters of the lender’s underwriters. They will then go through your documents and if you are preapproved, you will get a commitment from them that they will undertake to lend you a specific amount of money.
With mortgage loans preapproval, the process of becoming a homeowner is really simplified. This is simply because you will have an easy time negotiating with the sellers as you shall have proven that you indeed have the funds as well as the intent to make the purchase. The following are your four easy steps to owning a home-:
Step One: Get preapproved- your first step towards becoming a homeowner is to get mortgage loans preapproval. This is a sure way to convince the sellers that you have the resources hence you can afford to make the purchase.
Step two: Find an agent to help you find the home – a real estate agent is a valuable asset in your search for an ideal home. This is simply because they have the knowledge and skills to locate the best property that will meet your demands. Though you can do it on your own, it will take you a longer time as opposed to enlisting the services of reputable agent like us.
Step three: Get your mortgage – Once you find a home and since you had already received home loan preapproval, simply apply for mortgage and it won’t take long since most of the work shall have already been done during the preapproval stage.
Step four: Move in – once you have secured the mortgage, all you have to do is to close in then move into your new home.
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We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.