Shopping for a home may begin as a pleasant experience. In fact, you’re probably looking forward to what the future has to offer. However, serious homebuyers need to consider the financial aspect of home buying. The process all begins in a lender’s office, not at the open house. Potential buyers should always consult with a lender first and obtain a pre-approval letter before seriously considering a home. You’ll have an advanced opportunity to discuss loan options and budgeting, too. The benefits outweigh a headache.
When it comes time to buy a home, many prospective buyers get excited to hear they’ve received pre-qualification. While useful to estimate how much you can afford, a pre-approval is more valuable. Pre-approval essentially means the lender has checked your credit, verified your paperwork, and approved a loan amount. The loan amount is typically viable for 90 days. Final approval occurs once the appraisal is complete.
The process to receive pre-approval for a mortgage is relatively straightforward. All you’ll need to do is provide your lender with some documentation beforehand. This documentation includes:
If you’re preparing to buy a home, contact Cindy Petty Realty by calling (469) 360-9917. We’re happy to answer any questions you may have!