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Mortgage Financing
The Basics
While Mike is familiar with the mortgage process, he is not a licensed mortgage broker. Prudent homebuyers requiring a mortgage loan will seek counsel from numerous potential mortgage providers. Mike is pleased to recommend potential mortgage loan sources; please click here to review contact information for three great mortgage brokers. Prudent potential home buyers always shop for a lender to find the best deal. Visit different financial institutions and talk with multiple mortgage lenders. What will mortgage providers require? While each provider has their own internal policies, they all usually need the following:
Pre-qualification Pre-qualification (often called a “pre-qual”) is an estimate of what mortgage payment the potential buyer is able to afford. Pre-quals are based upon unverified information provided by the potential homebuyer. Pre-quals are nothing more than a quick-and-dirty convenience for the prospective homebuyer. Pre-approval Pre-approval is a commitment from the mortgage provider. They require verification of all information provided, verification of employment, and credit checks. Home sellers value pre-approved buyers because they know that buyer is likely to make good on their offer to purchase. Some home sellers will even turn down a higher offer without a pre-approval in favor of a lower offer accompanied by a pre-approval! You must remember that pre-quals and pre-approvals do not guarantee mortgage approval. Lenders generally require a property appraisal, will re-check the potential homebuyer, and may have other requirements. Prudent potential homebuyers know what their lender requires before beginning the search, much less submitting an offer to purchase. Realtor Mike Kwiatkowski is pleased to recommend potential mortgage loan sources or to help you find a mortgage broker to assist you through the process. If you have additional questions, please click here to contact Realtor Michael Kwiatkowski for assistance.
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