Getting Pre-Approved 

Buying a Home is a Big Deal!!

Your home is likely the most expensive thing you’ll ever buy. Therefore, a big loan will be needed to buy that home. In other words…a mortgage. A mortgage is not something to be taken lightly.

Get pre-approved for your loan. Find a good loan officer to help you. If you don’t have a good loan officer, talk with your real estate agent. They can provide you with one to talk with. If you are able to qualify for a loan, the loan officer can provide you a pre-approval letter. This is important to have before you make an offer on a home.

Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc.

A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. The pre-approval letter tells the seller that you not only want to buy a home, but that you are ABLE to buy.

Here’s a great mortgage calculator to use:

Mortgage Calculator

Avoid creating a financial disaster by preparing your finances before going house hunting! A good loan officer will guide you and provide options to get you into a mortgage that is in your best interest. And if you don’t qualify for a loan, they can provide options to help position you to qualify for a mortgage later on.

Here’s another important point to consider. Don’t buy a home at or over the top of your price range! You may have a nice home. But, if you have to eat Ramon Noodles because you can’t afford groceries, financial troubles are on the horizon.

Dan Johnson

Platinum Realty - Overland Park


Office:
9393 W 110th Street, Suite 170, Overland Park, KS, 66210
www.MoveWithPlatinum.com
(888) 220-0988
Agent:
dan@danjohnsonrealty.com
(469) 237-9304
(469) 237-9304

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