Why Should Home Buyers Be Pre-Approved?


Filed under: Qualifying for a Mortgage Loan


Typically, the first thing someone does when they want to buy a home is go online and start looking at listings in their area.  That is a reasonable start but for a serious buyer, one of the first steps needs to be the pre-approval process.

These days there are so many “pieces” to obtaining a mortgage that it really requires a professional to help buyers determine not what they can afford, but what they can qualify to buy.  There is a significant difference in some cases!

Among other things, a mortgage lender will look at:

  • Income
  • Assets
  • Debts
  • Credit
  • Cash (down payment and cash reserves)

It truly is a puzzle that needs to be put together way before an offer on a house is made.  My video below provides more details.  Please give me a call for more information.

 


Franklin Loan Center | NMLS 237653
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