Preapproval / Prequalification
Thinking about buying a home?
The first thing that we advise every homebuyer to complete prior to shopping for their home is to find out exactly how much they are qualified to spend. Many people spend weeks or months searching for a home only to find out that they could not qualify for proper financing. Other people find out they are qualified for a loan but in reality cannot afford the monthly payments.
At G & R Realty we provide a full array of resources for our buyers to obtain financing. We educate our buyers and help them obtain a loan that fits their particular situation. We also help our buyers learn how to track the daily changes in treasury yields so that they can keep a close eye on changes to their mortgage interest rate.
- Getting Pre-Qualified
Getting pre-qualified helps you determine how much home you can afford, based on specific financial information you share with your lender. The lender does not verify this information, and consequently there is no guarantee you will qualify for the loan amount. Getting pre-approved requires that the lender verify your financial information, and does serve as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes you will be approved for a loan.
- What is Pre-Qualification?
Pre-qualification is an informal discussion between borrower and lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The lender does no verification and is not bound to make the loan when you're ready to buy. On the other hand, loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase.
- How is Pre-Approval Better?
To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.
- We can get you Pre-Qualified or Pre-Approved Immediately
Contact G & R Realty today and we can work with you to get yourself Pre-Qualified or Pre-Approved right now!