Financing Process

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Getting Pre-Approved-

Does it Help to be Pre-Qualified by a Lender?
The pre-qualification process can be completed fairly quickly, based on less information than what is necessary for getting pre-approved. While it is fast and it does help, a pre-qualification letter—a lender’s estimation of the maximum loan amount you can qualify for—it is subordinate to actual pre-approval. In a competitive seller’s market, a seller may accept a pre-approved buyer’s offer over an offer from a pre-qualified buyer.

Get Pre-Approved By A Lender for Peace of Mind
As you can see, there are numerous advantages to securing pre-approval. Primarily, you know exactly how exactly much real estate you can afford, and when you find a property you want to make an offer on, your offer will be in a better positioned than someone less prepared. Finally, being pre-approved is more efficient: it reduces the time it takes for loan funding. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

Job and career status
Income
Monthly debt payments
Cash available
Total assets and debt