Mon Dec 09 2019

What should you know before deciding to buy a home?

What should you know before deciding to buy a home?

By Admin

What should you know before deciding to buy a home? What should you know before deciding to buy a home? Have you heard about the pre-qualifcation and pre-approval stages?

  1. The pre-qualification : Getting pre-qualified is just the first step. It gives you an idea of how prepared you are to make a payment by cash or how large a loan you will likely qualify for. It involves supplying a bank or your lender with your overall financial picture including debt , income and assets. The lender reviews everything and gives you an estimate of how much you can expect to borrow.
  2. The pre-approval : This is the second step. At this stage , a conditional commitment to actually grant you a mortgage happens here. A pre-qualified buyer doesn't carry the same weight as a pre-approved buyer who has been more thoroughly investigated .

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