Why Get Pre-Qualified?
1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
For more information or to get a pre-qualified, contact me and I will send you a list of recommended Lenders.
The 7 “Make your mortgage process simple” rules:
Provide “All pages” of documentation requested even if those pages are blank
Insurance based on REPLACEMENT COST for the dwelling (exception: Condo with a proper master policy)
Do NOT go late on any obligation
Do NOT open new debt or in any way change your credit / debt profile without 1st consulting myself or your loan officer
Do NOT make large deposits into your bank accounts (payroll & gift funds we’ve discussed as part of “the plan” are fine)
Do NOT make deposits into your account in cash…..cash is NEVER acceptable as a source of funds as they cannot be accurately traced back to their source and that is key to meet regulations
Do NOT accept cash gifts. All gifts must be from a verified source which is sourced most easily through a Check or Wired Funds. All large deposits of unverifiable money will be DEDUCTED from your asset total which could be a determine to your qualifications.
My Motto: The first day you think you know everything is the 1st day you are a step behind your competition…I try to live everyday as a student of the mortgage industry & hope it comes through in the service I provide. I truly appreciate the opportunity!