Four benefits of getting pre-approved for a home mortgage loan before you go out into the market place.
Hello, my name is Jesse Stroup and I’m a Mortgage Banker / Broker in the San Francisco / Oakland Bay Area, California.
Starting the process of searching for a home really needs to start with lending; the money. Far to many people become frustrated with the over all home search and home loan process because of dated information or a set of mis steps.
Staring with a local mortgage lender will really set the path as you move forward into the housing marekt place and sealing the pruchase contract with the real estate agents.
Starting with a lender like Jesse, you’ll be able to work out any credit history, employment or money issues before setting your sights on a home. This also cuts out a lot of potentional stress and bad desicions due to being rushed.
There is a difference between lenders as there is with pre-approvals and pre-qualifications. The pre-qualification basicly means that the lender “in general” can offer you financing for the loan program you are seeking.
The pre-qualification means that the mortgage loan rep has looked over your loan and can see that you may fit the guidelines; this step means that the loan file has not been submitted in to processing or underwriting.
The pre-approval letter means that the clients loan has been structured and has been submitted into the processing / underwriting department and has pasted a AUS check for DU or LP.
Just keep in mind; the loan is never final until we have signed loan paperwork and the loan has funded.
Here are four quick pre-approval tips
- IF you make an offer on a home you like without being pre-approved, you may not meet the loan program guidelines.
- Getting pre-approved will save time and money searching for a home that you may not qualifiy for.
- Having a pre-approval letter will help get the attention of the listing agent, as they get ready to bring offers to the home-owner
- You maybe able to offer a faster closing time as your loan has been pre-approved and you have submitted your personal and financial paperwork to the lender.
Depending on the market demand in your area of the USA. these four tips may make or break your offer.
I hope these tips help you move forward to getting the keys in your hands. If you have any questions, please feel free to call my office for more information on other loan programs.
Jesse Stroup | Mortgage Professional
I can help you with Purchase and Refinance loan
Conventional, FHA, VA and Jumbo Home Loans.