KELLER WILLIAMS REALTY
First Atlanta
404-574-2490
Pat Dougherty
Broker Associate
Buyer Agency
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KELLER WILLIAMS REALTY First Atlanta 404-574-2490
Pat Dougherty Broker Associate |
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Buyer Agency |
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| *Pre-qualification: is an informal discussion between borrower and lender. The lender provides an opinion of the loan amount that you can borrow based solely on what you, the borrower, tell the lender. The lender doesn't verify anything and is not bound to make the loan when you're ready to buy. |
| *Pre-approval: is a much more rigorous
process.
The 2008 Board of Realtors contracts to buy require that you complete the loan application and approval before entering into a contract to purchase a home by creating an all cash contract. Loan pre-approval is based on documented and verified information regarding your likelihood of continued employment, your income, your liabilities, and the cash you have available to close on a home purchase. Your loan is approved contingent upon an appraisal of the home you choose. |
| Going through the pre-approval process is a sign of your seriousness to house sellers -- it places a sort of a Good Borrowing Seal of Approval on you. A lender's pre-approval letter is considerably will be needed when purchasing a home. In a multiple-offer situation where more than one prospective buyer bids on a home at the same time, buyers who have been pre-approved for a loan have an advantage over buyers who haven't been proven creditworthy. |
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| Mortgage Application: Once your home is under contract, if you have not already done so, you will need to complete an application for a loan. If you have been pre-qualified, this step will feel familiar to you. If you have not been pre-qualified, or pre-approved, now is the time to quickly start researching loan officers, loan programs, and rates. As your agent I can introduce to several reputable loan officers and various loan programs. Again the 2008 contracts require approval before purchasing a home. Financing exhibits are available, but not encouraged. So be sure to get your loan early in your home buying process! |
| *Lenders generally do not charge for pre-qualification. Lenders do charge fees at the time of loan application. |
