The bottom line on Pre-Approvals
and Pre-Quals
Typically a mortgage originator would review your financial
information to make sure you would qualify in some capacity for
any loan. These days are long gone and a “Pre-Approval” or
a “Pre-Qual” is basically worthless. I don’t
waste my client’s time with them since they do not tell
the whole financial story.
What do Theresa Springer does instead?
In today’s market it is essential to sit down with your
reputable Senior Mortgage Banker, and go thru a full credit review
and approval via a “credit file” underwrite. This
ensures that you do qualify without question for the home price
you are pursuing. This process is not instantaneous but gives
you definite peace of mind knowing the bank is backing you up.
Your Realtor will be pleased and also will have much more negotiating
power since you have a bank approval not just a mortgage originators
best guess.
Once the approval is in place a letter is prepared that you
and your Realtor can use to submit with your purchase agreement
to the seller. This will document to the seller your seriousness
about purchasing and give them the confidence in your ability
to buy their home. Many Realtors will not even show homes unless
you have been through the process to make sure you are a viable
purchase candidate. Sellers may not accept your offer without
the letter as well.
Another benefit is that you will have a very clear idea the
amount of cash you will need to bring to closing with no surprises.
Experience extraordinary...
Call Theresa Springer today at 360-210-7984 to
see the difference that working with an experienced home
loan professional can make for you. |
Pre-Approvals 
