What Does Pre-Approval Mean?
Pre-Approval is an evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a home loan or the maximum amount that the lender would be willing to lend. The pre-approval process involves a thorough look into the income and expenses of the borrower, including a look at the borrower's credit report and score.
· You need to be Pre-Approved to submit an offer on a property
o Pre-Approval can take weeks depending on the situation. If a buyer has to wait for a Pre-Approval letter chances are they may miss out on a great deal.
· Getting Pre-Approved helps your Real Estate Professional in many ways
o How much does the individual qualify for?
o What type of loan does the individual qualify for
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Not all properties can go FHA, VA, or USDA
· For example with FHA the property has to be move in ready. If the property is not move in ready a rehab loan called a 203k is required where a licensed contractor has to do the work.
· If you really are serious about buying a house why wouldn’t you get pre-approved?
o A pre-approval allows me to negotiate a purchase contract from a position of strength, as sellers love pre-approved buyers.
· Pre-Approval Does NOT force you to use a particular lender
o After going into contract for a new home you generally have 7 days to choose and commit to a lender.
· Will it lower my credit score
o Yes, but the reduction is very small.
In conclusion seeking professional advice from a Real Estate Agent and Mortgage Lender when purchasing a home is FREE in most situations, what is holding you back?
To Get Pre Approved Contact a Lender of your choice or one of my preferred Lenders Listed below.
Contact Jodi McCoy Vermillion with Concord Mortgage at 614-212-6929 or Visit her online HERE
 
(Licenses # NMLS 227336)
Contact David Dikeman with Insight Bank at 614-807-3891
GET PRE APPROVED
(Licenses # NMLS 488101)
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