Get Pre-Qualified ... Why?

1. Pre-approval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford and better yet, what payment you are most comfortable with. The whole process may take only minutes and is free.

2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness. It is a bit more of a detailed process.

3. These days most sellers will NOT accept an offer without a pre-approval or pre-qualification letter, so if you are serious about buying this is the first step towards getting you in your new home.

 

Contact your lender to get up to date information on mortgage qualification, rates and credit programs available. Don't have a lender, contact Paul Muro with Crosscountry Mortgage or Rick Slomovitz with American Midwest Mortgage.


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