. . . or you are an experienced home buyer, finding and financing your new home is a very exciting time. However, with a bit of preparation, you can help prevent the experience from becoming overwhelming or even disappointing. Before you start searching, the first question you'll want answered is . . .
You can find out the answer to this as well as enhance your buying power by getting Pre-Approved or Pre-Qualified. What's the difference?
Pre-Qualification is an informal discussion between you and the lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The information you give the lender is not verified by them and therefore, there is no guarantee that you will be approved by them for the loan amount. However, it will give you and your realtor a good idea of what your general price range probably is.
Pre-Approval requires that the lender verify your financial information and serves as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes that you will be approved for a loan. If a seller knows that your financing is secure, your offer is stronger.
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Here are some articles that you may find helpful as you start to think seriously about buying a new home ...
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