Attention Buyers! Please take a few minutes to read this post by Nina Hollander . Although Nina is in NC, the same process holds true for Florida. She has done a beautiful job outlining the process and why a preapproval is necessary before you shop for a home.
If you're planning to buy a home in 2016, here's what you need to know about the mortgage process. With significant home inventory shortages in many areas of the country, it's more critical than ever to be prepared with a solid mortage pre-approval when you're ready to make an offer on your dream home if you want a home seller to take your offer seriously; many sellers outright reject an offer without a solid mortgage pre-approval accompanying it. In a multiple offer situation, sellers with often give extra consideration to those offers with solid mortgage pre-approval letters from recognized lenders. Getting preapproved before you shop for a home also allows you time to fix unexpected errors on your credit reports.
If you're a first-time home buyer or if it's been many years since you went through the mortgage approval process, the infographic below provides important information about what you need to qualify in today's market and the five important steps you need to take to get approved. Keep in mind that a pre-approval is not a guarantee of a loan, but it can speed up the underwriting and loan approval process once your offer has been accepted.
And in case, you were wondering about the difference between a loan pre-qualification and a loan pre-approval: with a prequalification, lenders rely on information provided by you, the buyer, to estimate how much of a loan you could qualify for. With a preapproval, lenders verify the information you've provided to determine just how much they would be willing to lend to you based on your specific credit, income, assets, liabilities.
IF YOU'RE THINKING ABOUT BUYING A HOME IN THE CHARLOTTE METRO AREA AND NEED HELP WITH FINDING THE RIGHT LENDER TO HELP WITH A MORTGAGE
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Disclaimer: Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney. For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.
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Elyse Berman, PA, CRS, ABR,GRI, e-PRO, of Realty Associates Florida Properties serving Boca Raton FL and the surrounding cities of Highland Beach, Delray Beach, Boynton Beach, Lake Worth, Wellington, Deerfield Beach, Hillsboro Beach, Lighthouse Point, Fort Lauderdale, Hollywood Beach and Hallandale Beach.
Disclaimer: The information contained in this blog should not be solely relied upon and should be independently verified by professional sources. The opinions expressed herein are solely mine.
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