Once you’ve found a home, and a seller has accepted your offer, you are ready to move to the Application process. One of our home loan experts can perform a pre-qualification or pre-approval so that you’ll have a good idea of how much you can afford. You can get a loan before you even select a home. Step in Getting Prequalified or Preapproved.Understanding the process will give you the knowledge you need to get started. Our goal is to make the process as smooth and hassle-free as we can. In competitive markets, this is another feather in your capīuying a house is one of the biggest decisions you will make in your lifetime.Sellers know you will be less likely to have a delay in closing.You will be able to move to the top of the offer stack as your income, assets, and ability to buy has been verified.Most of the paperwork will be out of the way so you can close your loan faster.You’ll be able to move faster to find the house you want.A preapproval is the start of the formal application process before you find the property and is more thorough review of your financial position and ability to qualify for a home. Preapproval: If you have a little more time at the beginning of the process, we always recommend getting Preapproved. It just means that you have not submitted the documentation that will be required to verify your income, financial statements showing enough assets to close and you have not yet met the underwriting guidelines of the program you are going to select once you find the home of your dreams. Prequalification: This is an overview of your credit profile that is an important step to writing offers for new homes and one we highly recommend.
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