In today’s competitive real estate market, the first step in the homebuying experience is pre-approval. Understanding how much home you can afford will allow you to focus your search, avoid disappointment, and act quickly when you find the perfect home.
- Helps you learn about loan options and budgeting with the lender.
- Checks your credit and alerts you to any problems.
- Determines the maximum amount you can borrow and helps set a price range for your search.
- Allows you to make an offer instantly.
- Sets you apart from the competition without a pre-approval.
- Legitimizes your offer, as sellers will be more willing to negotiate with you knowing you can obtain financing.
Items needed for pre-approval:
- Proof of income
- Verification of employment
- Proof of assets
- Credit check
- Identification - Social Security number, driver's license, and current address
If you are not quite ready to commit, you might start with a pre-qualification. Unlike a pre-approval, which offers a conditional commitment for a loan based on financial documentation, a pre-qualification can give you a general idea of what you can afford.
If you have questions or are ready to get started, don’t hesitate to contact Team Honeycutt at 704-721-7130.
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