Pre-qualification and pre-approval on a mortgage

A real estate professional can help "pre-qualify" you for a mortgage before you start house-hunting. This process includes analyzing your income, assets and present debt to estimate what you may be able to afford on a house purchase. Mortgage brokers, or a lender's own mortgage counselors can also calculate the same sort of informal estimate for you.

Obtaining mortgage "pre-approval" is another thing entirely. It means that you have in hand a lender's written commitment to put together a loan for you (subject only to the particular house you want to buy passing the lender's appraisal).

Pre-approval makes you a strong buyer, welcomed by sellers. With most other purchasers, sellers must tie the house up on a contract while waiting to see if the would-be buyer can really obtain financing.

The down side is that you may pay application fees to cover the lender's paperwork in verifying your employment, income, assets, debts and credit rating.
1 | 2 | 3 | 4 | 5 |  

    

About DiSanti Realty

At DiSanti Realty we have a team of realtors ready to work for you. We offer a wide range of services to accommodate your real estate needs. Whether you are looking to buy, sell, rent, or lease, we are confident that we have the tools in place to assist you from start to finish.

DiSanti Realty Group LLC
117 Park Ave Suite 301
West Springfield MA 01089
413-391-7358