It has never been more important than it is today to have your financing in order. As a part of my "Client for Life" business strategy, I have a network of professionals that assist my clients with a variety of needs. The Certified Mortgage Planners in my network help my clients integrate the mortgage into their overall financial plan.
If you are buying a home it is essential in today's environment to have a preapproved mortgage loan. This will enable you to have peace of mind knowing the financing for the next home is in place. It will also help me negotiate the offer on the home you desire.
If you are selling a home having your "financial house" in order along with the property for sale is an important step. It will enable you to see how much money you will need for the next home purchase, will eliminate any variables when it comes to the next mortgage and may enable us to price your home more strategically.
I am committed to helping you make informed decisions as are my Strategic Mortgage Partners.Here are some important terms to know:
Pre-Qualification: Getting pre-qualified helps you determine how much home you can afford, based on specific financial information you share with your lender regarding your income, assets and debt. The lender does not verify this information and consequently there is no guarantee you will qualify for the loan amount when you are ready to buy.
Pre-Approval: Loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase. Getting pre-approved requires the lender verify your financial information and does serve as a commitment to lend a specified amount based on that verified information.
Pre-Qualification vs. Pre-Approval: To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home knowing that you will qualify for the proper mortgage amount.
Final Approval: During this process the underwriter confirms your employment and income, reviews the appraisal and verifies your homeowners insurance. Once all conditions of the loan have been met the underwriter will give your mortgage final approval. The lender will then send loan documents to the attorney and closing day is usually just days away.