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MORTGAGE PRE-APPROVAL

Mortgage Pre-Approval Is Important

When you begin shopping for a new Naples, FL home it is important that you get pre-approved for a mortgage.  The loan officer may use two different terms when discussing this with you - pre-qualification and pre-approval – these are not the same thing.

Pre-qualified means that according to your credit history, the amount of outstanding debt you have and your present income and assets you should be able to repay a mortgage of a certain amount.  This is a quick and easy way to check the home price range you should consider.  But it is not considered a PRE-APPROVAL.

When you get pre-approved it means that the loan officer has had an in depth search completed and that you are approved for a specific amount.  This depends upon the home you are buying meeting certain standards as to its value – and – of course that your circumstances don’t change.  When your real estate agent sees that you are pre-approved he/she will know what homes to show you and realize that you are serious about buying a new home. Furthermore, the seller will consider you a “cash buyer” and give your offer  more favorable consideration.  If a seller receives more that one offer and one offer is pre-approved and the others are not, sellers generally chooses the pre-approved offer, even if it is for less money, because the know there is no waiting, for possibly months, to get a loan approval.   When you are in a  hot buyers market and need to act fast  the competing buyer with a pre-approval in hand will win.

Becoming pre-approved is generall a quick andeasy process.  Just be sure to take all of your documentation with you

  • Pay stubs and W2s (for at least two years)
  • Three months of bank statements
  • If you are self-employed, you will need tax returns from the last two years
  • Divorce decree (if applicable)
  • Loan documents on your current home (if applicable)
  • You pay have to pay for the credit reports required for pre-approval and most lenders do not charge for a pre-approval.

It is worth remembering that when it come time to obtain the loan - you are under no obligation to use that lender for the loan.

MORTGAGE RATES                                    FINANCIAL PREPARATION

© 2017, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Premiere Plus Realty are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by Premiere Plus Realty on behalf of Ellen Mann, P.A.. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.

© 2017 Bonita-Estero MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Premiere Plus Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-02-27.

Copyright 2017 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than Premiere Plus Realty are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-02-27.

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Buying a New Home in NaplesThis is the time when you really need an agent to represent you and your interests.The professional sales people at the development are employees of the developer and it is their job to represent the developer and protect his interests.  
My job is to represent you and protect your interests – not the developer’s. Just let me know what development you are interested in and I will have a packet of information sent to you ASAP- Call – 239-434-9021 or email me.

 

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