Pre-Qualifications and Pre-Approval for Home Loans
Pre-Qualifications For Home Loans
Looking for a home is an exciting time, and many people will call up a real estate agent and want to start looking at houses as soon as they get close to having enough for a down payment. After all, the perfect home might be for sale right now; why would you wait an extra minute?
Without taking that extra little bit of time to get pre-qualified, anyone looking for a home could be jumping the gun. Before you check out that first house, pre-qualification is an excellent first step to take. It doesn’t take long and is a necessary tool when you’re searching for a home.
Why is pre-qualification so important? You need to know the general price range of house you can afford; looking at $400,000 homes when your debt/income ratio says you should be looking at one-half that price wastes your time (and the real estate agent’s time). Instead, you could be off finding that perfect home that you can afford!
Pre-Approval For Home Loans
Pre-approval is a much more involved step than pre-qualification. With pre-approval, a financial institution such as the Frederick Branch of Goldwater Bank will evaluate your income, debt, credit rating, and other assets to verify that you are a qualified candidate for a particular loan amount, even before you find a house that you’d like to make an offer on.
Why is pre-approval so important? It’s a seller’s market in the Frederick area, and that means many people could be vying for the same home. Getting pre-approved means that you are a qualified buyer and that your offer will be taken as seriously as anyone else who is pre-approved.
Fill out the box to the right in order to start the process for pre-qualification, and while you’re shopping for a home we can also get your pre-approval started. Let’s get you into your next home!