WHY GET PRE-APPROVED?

Show Me The Money!

Unless you are a cash buyer, getting pre-qualified for a mortgage loan is the very first step in the homebuying process.  Choosing a reputable mortgage loan officer is important for several reasons. Your loan officer should be responsive when you have needs and have a strong, knowledgeable support staff to facilitate the complicated process.  I am a loan officer at Home Mortgage Group, where we have over 100 years of combined experience. Our management, underwriting, and processing rival any bank or lender I have ever worked with.  Underwriting always reviews files early in the process so that we are not surprised by last minute underwriting conditions don’t cause unnecessary stress and closing delays.  Few things are as inconvenient as having movers scheduled and appliances ordered, only to find out your closing is delayed.  Don’t let that happen to you!  With almost a decade of experience as a mortgage banker, I have seen almost every imaginable scenario.  When your comfort and shelter is on the line, there is no substitute for knowledge and experience.

Why Get Pre-approved?

• Sellers usually respond much better to buyers who are prequalified, and some listing agents even push for an actual pre-approval (a pre-qualification plus an actual automated approval) before accepting an offer.

• You will almost certainly be asked for a pre-qualification letter by your REALTOR®.

• You don’t want to finally find the perfect home, then try to rush to get a fast pre-qualification, only to find out you missed the offer deadline because you were not prepared.

• Getting pre-qualified is easy! Required documentation is straightforward.  A prequalification usually takes a few hours but should never take more than a day – maybe two days if there are complicated nuances to your unique situation.  If you are an investor with many properties, your pre-qualification could take a bit longer due to complicated income calculations, tracking down all the taxes and insurance, rent, capital gains, schedule E’s, partnerships, etc.

• During the process, your loan officer will help you prepare for the upcoming process, giving you a road map, of sorts, by which to navigate the process. 

• Through pre-qualification you will find out how much you can qualify for, an estimate of what rate you can expect, your payment amount, and things to avoid ensuring a smooth transaction.

• Even the savviest buyers don’t usually spend 50 hours per week living and breathing real estate rules.  When REALTORS® have questions, they often turn to the loan officer for guidance.  So, the prequalification period is the perfect time to get answers to all the initial questions that have been on your mind.