A pre-approval letter is a document provided by a licensed Mortgage Loan Originator (That's Me!) stating that a buyer can, in fact, afford a property purchase up to a specific amount. Basically, it answers the question that many sellers have when talking to potential buyers: "CAN THEY AFFORD IT?!"
Unfortunately, these terms get used interchangeably often by our industry. They both offer reassurances to the Homebuyers financial stability. But there are some differences!
The MOST important reason is that a pre-approval requires that the mortgage professional actually see documentation verifying the buyers finances. While most pre-qualifications are only based on the buyer’s self-reported finances. SO, if you are serious about buying a home, these documents will be needed at some point in the process, so we prefer to get them upfront so we can provide a reliable pre-approval letter that will reduce problems further into the homebuying process.
Well that's SUPER Easy. Just click here! If you're more into Face-to-Face meetings or Phone Calls, we do that too! Just call us to schedule a consultation so we can get you on the road to Home Ownership, Investing, Building, Starting a business, developing... Yeah, we do all of those!
If you’re curious what it’s like, below is a list of documents and tips to prepare for the Home Buying Process.
Stability helps, 2+ years in same line of work - income fixed or increasing
Cancel cards you are not using.
Clear any bad credit
Make sure it is accurate
Not too many requests for credit
Check your own credit before hand
28% of gross income or 36% of all Recurring Expenses is a general rule, but your Loan Officer can usually help you qualify for higher ratios
Shorter lock periods will lower interest rate, but lock periods of 30-45 days are highly recommended
Click the Apply Now button below to go to our Magical and Extremely Secure Online Application. And lets the magic going!
Our job is more than a pre-qual. We don't want to put you in just a Loan that works. We want to put you in the Loan that works the best for your life and future.