Prequalify Today
The Best Place to Get Started!
Want a Stronger Negotiating Position and Win in Dual Offer Situations?
Then you should know the importance of a mortgage preapproval.
Prequalification vs. Preapproval
Prequalification
A prequalification is when a buyer speaks to a mortgage lender over the telephone. The buyer verbally furnishes information such as employment, income, debts, savings, and credit. Based on this information an approximate determination can be made of a buyer's purchasing power.
Preapproval
A preapproval is when a buyer meets with a mortgage lender and supplies the requested documentation to the lender. The information is the verified by the lender and a loan commitment is issued in writing. When a buyer is preapproved, the only items that are needed to complete the real estate transaction are a sales contract and an appraisal on the home the buyer wants to purchase. Some of the advantage of a preapproval include:
Stronger Negotiating Position
Sellers take a preapproved buyer offer more seriously. With financing already in place, sellers have a greater respect for the offer, and they may be more likely to negotiate.
Win in Dual Offer Situations
You may not be the only interested in buying a particular home! Sometimes seller actually take a lesser offer from a preapproved buyer. It's like a cash offer!
Faster Close
Do you want of need to be in your home quickly? A closing in one week from the date of contract acceptance can be possible.
Less Stress
Buying a home can be stressful. Arranging financing in advance makes the entire process more enjoyable.
I am here to help you through every step. I can help find the best mortgage professional for you. Please fill out the form below to prequalify for a home loan.
