Show sellers how serious you are with a Mortgage Preapproval-not Prequalification!
When buying a home, one of the advantages of having a preapproval is that the letter can be shown to real estate agents and sellers when looking for a home and making an offer. By doing this, both the agent and the seller know that you are a serious buyer who can qualify for a certain loan amount.
It is proof of your financial standing and your ability to proceed with the home purchase. Another advantage is that some of the work that is involved in obtaining a mortgage is already done. The lender has already examined your financial situation, including credit, income and assets.
During the preapproval process, the lender will also discuss the most appropriate type of mortgage program that fits your needs, whether it is a conventional, HHA or VA-Backed loan.
Understanding the details of what type of loan is appropriate for you is important and this may save you time and money.
It is proof of your financial standing and your ability to proceed with the home purchase. Another advantage is that some of the work that is involved in obtaining a mortgage is already done. The lender has already examined your financial situation, including credit, income and assets.
During the preapproval process, the lender will also discuss the most appropriate type of mortgage program that fits your needs, whether it is a conventional, HHA or VA-Backed loan.
Understanding the details of what type of loan is appropriate for you is important and this may save you time and money.
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