Under One Roof Blog
Everything You Need To Know About Home Mortgages

In the Loop – With your Mortgage Mentor, Laura Kiel
June 3, 2009 by admin

“When you’re in the Loop – you get the scoop on important mortgage news!”

It is more essential now, than ever before, to get approved before you go shopping for that new home. There is a big difference between a pre-approval and a pre-qualification. What you need is a true pre-approval. To be honest, a pre-qualification is not worth the paper it is printed on.

A pre-approval means that you have taken the time to complete “the underwriting process” for your home loan, and you are approved for a specific amount. Yeah! The mystery is entirely gone. You can shop for your gem of a new home with confidence!

A true PRE-APPROVAL gives you a number of advantages.

1. You will SAVE TIME because you will be looking only at homes you really DO qualify for. Being PRE-APPROVED allows you to be extremely efficient and consider only the homes you truly can buy.

2. You will be able to increase your “bargaining and negotiating power” as the seller will have confidence that you are truly APPROVED for your home loan. This completely removes anxiety from the seller and places you in a much more favorable position. Many are PRE-QUALIFIED, but few are really PRE-APPROVED. Sellers know that a “pre-qualification” is worthless!!

3. The closing process will be quicker and more efficient when you have a PRE-APPROVAL. You can be in your new home sooner rather than later.

4. You will be able to sleep at night during the process as most of the anxiety and last minute surprises that could disqualify you have been eliminated. You can dream with confidence about moving into your beautiful new home.

A PRE-APPROVAL gives you confidence in your abilities, allows you to shop for the perfect home with ease and assurance, and guarantees an overall opportunity for a smooth closing process. If you are planning a home purchase, or know of someone who is, get PRE-APPROVED now!

This entry was posted on Wednesday, June 3rd, 2009 at 11:53 am and is filed under Mortgage Loan Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.