5 Reasons to Get Pre Approved

Posted by Faith Maricic on Tuesday, February 16th, 2016 at 11:46am.

Are you ready to finally settle down and own your own home. Well now is the time to take action and get pre approved! 

  •  When you get pre approved your lender can tell you the specific mortgage amount which you are approved for. 
  •  It also gives you a better idea of the interest rate you will be charged on the loan, and what kind of loan options are available to you. For example, conventional loans, FHA loans, and VA loans. 
  • You will get an idea what the total out of pocket cost and closing costs will be.
  • Getting pre approved saves you a lot of time. Right from the start you will know what you can afford, you won’t be out searching for homes that cost more or less then you can actually afford. 
  • A pre approval also puts you at an advantage with a potential seller, they now know that a professional has vetted your credit score, work history, and asset picture. 

Many people think getting pre approved is the same thing as getting pre qualified, which it is not! This mistake can actually cost you a home!

When you get pre qualified you supply a bank or your local lender with some basic information and they give you an idea of what you qualify for. Pre qualifications can be done through the phone and usually do not analyze your credit report or take a close look at your ability to own a home. 

If you are looking to buy in the Westfield NJ area, I highly recommend getting a strong pre-approval. If you contact me today, based on your particular circumstances I will direct you to the best lender for you.

 

Faith Maricic 

908.347.3483

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Sign up for email updates