Yes, we know, this isn't the fun part but it really is the smart way to proceed. You'll have to do it sooner or later and sooner makes a lot more sense for a lot of reasons.
Before we discuss those, let's define what is meant by a "Prequalification" and a "Preapproval".
Prequalification is the process whereby you meet with a lender to discuss your finances (earnings, debts, credit, work history, etc) to determine the lending programs for which you would qualify and the amount of money the lender would lend based on you information. There is no formal application made and no promises made by you to the lender to proceed. It's a financial counseling session after which the lender usually gives you a certificate of prequalification.
Preapproval is the process whereby you actually make a formal loan application. This is the very best approach! Even though you haven't found you dream home yet, Having a full "loan approval" on you as a buyer makes you a much stronger buyer in the eyes of a seller . Every seller wants to be certain that, if he/she accepts an offer, there will be no problem with the buyer's ability to obtain financing. Often a seller is willing to give better terms and sell at a lower price that he/she otherwise might just for this level of confidence that the sale is solid. When you're in competition for your dream home you want to be the strongest buyer in the game.
Now, back to the other reasons that a full Preapproval makes a lot of sense.
First of all it allows you the comfort of knowing that when you find your dream home it really can be yours. The financing is out of the way and you can just focus on where to place the furniture,
Also, having the financing in place allows you to just preview the homes that are within the budget you have set with the mortgage for which you have already been approved. This saves time and stress.
We're sure that you'll agree that this makes a lot of sense.
Finally, having the financing out of the way allows you to confidently enjoy the process of finding your dream home with all of your questions about payment, monthly payment, etc. out of the way. Buying a new home can really be a lot of fun and our Buyer Specialists work hard so that you can enjoy the experience.
Remember, we will respect your privacy. We know that this a confidential information and we will not share it with anyone other that a qualified mortgage broker. This is part of the invaluable service that we provide in representing your best interests. This service is provided free of charge and with no obligation on your part.
Once you fill out the form below, we will process in and get back to you as quickly as possible so that we can get on to the fun stuff.
- NUMBER1EXPERT™ 
