HOW IMPORTANT IS GETTING PRE QUALIFIED OR PRE APPROVED FOR A MORTGAGE LOAN is a question a lot of buyers ask themselves at some point in the home buying process Interesting enough, many people thinking of a home purchase don't always think of this as one of the first things they need to do.
There is a difference in a pre qualification and a pre approval. A pre qualification would give you a rough idea of what you could afford, a true pre approval is when you not only apply for mortgage loan financing but you also provide the documentation to support your application.
When I speak to potential borrowers here in NORTHERN KENTUCKY I usually tell them by gathering some information I will tell you what you can afford. Once you know what you can afford, then you can decide how much you WANT to spend. Having that knowledge is key to making this a pleasant process.
The best thing a borrower can do for themselves is to talk to a trusted financial advisor before they start looking at homes or calling Realtors. A well experienced Realtor will ask right away if a potential buyer has been pre approved. The biggest reason you want that pre approval or pre qualification first is that once you start shopping, you want to be looking at the right homes. You could be shopping for homes that you cannot afford, or you could be shopping for homes that better suit your needs when you know what you WANT to spend.
There are a number of ways to get pre qualified or pre approved. Some lenders want you to come to their office, some people go online and post their information with little knowledge of who is getting it or where it is going. Even in this computer age we live in, I do wonder why someone would rather put their information out on the net for any lender to grab as opposed to doing some research on their own first.
Personally, I like to start with a phone conversation. I do most of my pre qualifications by phone. It is a time saver for both myself and the borrower. It is the first step in preparing the borrower for the home buying process. Best of all it is FREE for me to take a look at the credit and answer some general questions. All the information you need is on my website www.dagriffinfinancial.com
Dora Ann Griffin
D A Griffin Financial, LLC Serving Kentucky & Ohio
"Your Lender For Life"
859 442 9700
I think someone said, "first the loan - then the home." People need to see a lender before they ever talk to an agent!