Whether it’s your first purchase … or you are buying your tenth home, finding and financing your new home is an exciting, although sometimes scary, experience. I’ll guide you every step of the way, helping you to stay focused on what you really need, listening carefully to your concerns, answering all your questions, and making sure that the road to the final closing is an enjoyable journey for you and your family.
I will give you plenty of concrete information about the neighborhoods that interest you … from the percentage that housing values appreciated last year to the quality of the schools and the proximity of churches, shopping areas, medical facilities and recreational outlets. And I can help you help prevent the experience from becoming overwhelming or even disappointing.
Before you start searching, the first question you’ll want answered is:
How much home can I afford?
You can find out the answer to this as well as enhance your buying power by getting Pre-Approved or Pre-Qualified. What’s the difference?
PreQualification vs. PreApproval
Pre-Qualification is an informal discussion between you and the lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The information you give the lender is not verified by them and therefore, there is no guarantee that you will be approved by them for the loan amount. However, it will give you and your realtor a good idea of what your general price range probably is.
Pre-Approval requires that the lender verify your financial information and serves as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes that you will be approved for a loan. If a seller knows that your financing is secure, your offer is stronger.