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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

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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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