REASONS FOR GETTING PRE-QUALIFIED & PRE-APPROVED:
* With pre-qualification, you can determine which loan program best fits your needs
and which programs you qualify for. (See link for types of loans)
* You will know exactly how much you are qualified for. It’s no fun to find your ‘ideal home”
and then find out you can not afford it.
* With pre-approval, monthly payment will be set. This will allow you to budget your
money before making this large investment.
* It shows you what the down payment and closing costs will be.
* If you are a first-time buyer, you may be able to qualify for a special ‘first-time’ buyer
program which may allow you to afford more home for your money.
* If you feel you would like and can afford a higher mortgage payment but are not able to meet
qualifications, co-mortgagor financing may be made available to you.
* And Most Importantly... An offer from a pre-qualified, pre-approved buyer has a much
better chance of being accepted by the seller, than does an offer from a buyer who has not been
pre-qualified and pre-approved.
