Knowledge is the Map to Greater Wealth,
Real Estate is the Easiest Path.
Home Buyers Interactive System
Step 4
Financing Pre Approval
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You are now well on your way to purchasing a Home. This step is to get the financing arranged. Getting a major loan for the first time can be scary. The key to making it easier is to learn what is available and what is required of you.
Step 4--There are several reasons for getting a Pre-Approval verses a Pre-Qualification before actually making an offer on a property.
First lets go over the difference.
A pre-qualification is when you provide a lender information on your income, expenses, credit history etc. and they, based only on that information, will provide you with a letter stating a loan amount. They do not investigate the information you provide. Because it is based only on the information provided, it is not very reliable.
A Pre-Approval takes it a step further in that the lender will verify the information and provide a letter stating that they will supply a loan up to a certain amount provided the actual property meets the criteria. Because it is much more reliable, it provides a greatly enhanced bargaining position when making an offer.
We know that everyone has a different knowledge level on mortgages. For those familiar with the process, move on to the next step of Finding your Home. Although it is a good idea to at least glance at the information linked below. You might find some new ideas.
Those needing more info continue on.
We have compiled a Financial Resources Page designed to be helpful no matter what your knowledge level.
We recommend starting with “Financial Options” and then going to “Finding the right Financial Institution”.
After you have Started getting yourself pre-approved, go on to Finding the Right Property.
Call us at:
954-566-3225
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