Getting Pre-Approved

SO WHY IS GETTING PRE-APPROVED FOR A MORTGAGE IMPORTANT?

A pre-approval letter is a document provided by a licensed Mortgage Loan Originator (That's Me!) stating that a buyer can, in fact, afford a property purchase up to a specific amount. Basically, it answers the question that many sellers have when talking to potential buyers: "CAN THEY AFFORD IT?!"

 

WHAT ARE SOME SPECIFIC BENEFITS OF GETTING PRE-APPROVED?

  • As a potential home buyer, a pre-approval letter gives your offer credibility: Offers from pre-approved buyers carry a lot more weight because a home finance professional is putting their stamp of approval on what that buyer can afford. As a matter of fact, it is so important that some sellers won’t even bother their showing their home to buyers UNLESS they are pre-approved.

 

  • A pre-approval letter means you have taken the big first step towards securing financing. That puts your offer ahead of the pack: Keep in mind, sellers want to close the sale ASAP. Having a pre-approval letter early helps you check off a lot the work on the financing side giving you an advantage over other buyers. When you see a property that fits your needs, you want to be able to make an offer quick! Especially in a competitive market... WHICH IDAHO IS! 

 

  • Some mortgage experts (It's me again) go the extra mile: One example is when our clients make an offer, we make a call to the property’s listing agent to reassure our confidence in the buyers finances and that the loan can fund within the necessary timelines.  Come Offer time, this can be the difference between getting the home or getting over-looked for another offer!

 

THE DIFFERENCE BETWEEN PRE-APPROVAL AND PRE-QUALIFICATION?

Unfortunately, these terms get used interchangeably often by our industry. They both offer reassurances to the Homebuyers financial stability. But there are some differences!

The MOST important reason is that a pre-approval requires that the mortgage professional actually see documentation verifying the buyers finances. While most pre-qualifications are only based on the buyer’s self-reported finances. SO, if you are serious about buying a home, these documents will be needed at some point in the process, so we prefer to get them upfront so we can provide a reliable pre-approval letter that will reduce problems further into the homebuying process. 

HOW DO I GET PRE-APPROVED?

Well that's SUPER Easy. Just click here! If you're more into Face-to-Face meetings or Phone Calls, we do that too! Just call us to schedule a consultation so we can get you on the road to Home Ownership, Investing, Building, Starting a business, developing... Yeah, we do all of those!  

If you’re curious what it’s like, below is a list of documents and tips to prepare for the Home Buying Process.

Employment History

Stability helps, 2+ years in same line of work - income fixed or increasing

Credit Score

Cancel cards you are not using.
Clear any bad credit
Make sure it is accurate
Not too many requests for credit
Check your own credit before hand

How much can you afford?

28% of gross income or 36% of all Recurring Expenses is a general rule, but your Loan Officer can usually help you qualify for higher ratios

Lock in the Rate

Shorter lock periods will lower interest rate, but lock periods of 30-45 days are highly recommended

READY?! WE COMBINE TECHNOLOGY (FOR SPEED) AND LOAN KNOW-HOW (FOR SMARTS)

Click the Apply Now button below to go to our Magical and Extremely Secure Online Application. And lets the magic going!

Buying a Home? You need Financing. 

Our job is more than a pre-qual. We don't want to put you in just a Loan that works. We want to put you in the Loan that works the best for your life and future. 

Olivia Hill 

NMLS ID: 1636819

 

Neighborhood Loans - Meridian

 

3597 E. Monarch Sky Lane, Suite 240
Meridian, ID 83646

Direct: 208.559.7003

ohill@NeighborhoodLoans.com

 

 

Here To Help so USE us!

If you are ready to start your Home Buying Process or simply want a consult to be prepared,
give us a call. We're happy to answer all your questions!

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