First of all, what does being Pre Qualification mean? This is an initial step in the mortgage process. You connect with a lender and discuss and supply your financial information such as your income, debt, assets and credit score along with other vital documents. The lender will collect this information and evaluate what type of financing may be best for you and determine if you can qualify for a loan. Many lenders out there supply a Pre Qualification without having supplied most of this important information but by just receiving stated information over the phone or internet. We work only with lenders that go the extra step to ensure you indeed are qualified to purchase a home by giving such required documentation. It may take a little longer but this is in your favor so you do not waste time searching for a home that you may not truly be qualified for or paying for inspections and an appraisal on a home then getting denied just before closing over something that the lender should have caught early on.
As an agent, when we first discuss or meet with you about the home buying process and your search criteria, knowing the type of financing you will be getting is part of your search criteria. For example, if you are going with a FHA loan and you are interested in a home that is AS IS and we notice there is an empty pool- this raises a red flag because FHA requires pools to be in working condition, clean and clear. As an agent, we look out for things like this to make sure the property you buy meets the lending requirements. We also need to contact your lender prior to writing an offer to confirm the type of financing you will be obtaining, when the lender will be able to close the loan and if you need seller concessions so we know how to structure an offer.
We recommend that before you speak with a lender, contact us. We work with refer only the best lenders in the business that truly pre qualify you and can ensure a successfully, on time closing. Not all lenders are created equal so we work with those that have proven to us that they can successfully close deals on time, communicate with all parties in the transaction and get you the best rate. Your home is one of, if not the largest investment you will have, so choose to work with those that have a proven successful record and know what it takes to get the job done.
We are happy to refer you one of our preferred lenders that we regularly work with. Just give us a call.
Home Key Realty