When deciding to buy a home, there are some “first steps” toward securing a home loan.
Step 1: Prequalification
Pre-qualification is an informal first step with your lender. This process is designed to estimate roughly how much money you can borrow to purchase a home, based on the information you provide our team with your current assets, income, and liabilities.
As your first step toward homeownership, prequalification is a quick and easy process that can be done online via our website, with a quick call to our office, or even via text!
Step 2: Preapproval
Once you are pre-qualified and have a good idea about how many homes you can afford, the next step is pre-approval. This is your formal application for a mortgage loan. During this step, we’ll check your credit and verify your financial and employment information with documentation. For a complete list of the information and documentation, you’ll need for the application and preapproval process, read our blog post “Desteni Says: Prepare Your Paperwork.”
The preapproval process not only confirms your ability to qualify for a mortgage but also approves a specific loan amount. Once you are pre-approved, you can search for your new home with a qualified real estate agent knowing that when you find the right fit, you can make an offer (within your price range) with peace of mind. With a pre-approval letter from our team, real estate agents and sellers know you are a serious buyer.
Preapproval is not the final step in securing your mortgage, however. It is not an official commitment until you complete the full due diligence and application process. Once you make an offer for a home purchase and the seller accepts it, your preapproval status is then forwarded through the processing and underwriting process. If the home’s appraisal, your down payment and the title from the previous owner all check out with no snags, your mortgage should then move through the final approval process with ease.
To begin the application process, call us at 877-892-8222, apply online or just text HOME to 33655 (Messages may be recurring: Msg & data rates may apply. Text Stop to cancel. Go to preapp1003.com for privacy and terms.)
