Get Pre-Approved

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Talking to your bank or a list of lenders Elizabeth has previously worked with is the first step in the buying process. She compares it to buying a car, you search for the right car that works best for you. It's the same with a lender, this is a person that will work with you in one of biggest transactions of your life. You need someone you feel comfortable with, has great communication skills, has knowledge of the industry, and will provide you will a great deal. 

Why get Pre-Approved and not Pre-Qualified?

The pre-qualification process can be completed fairly quickly, based on providing less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.

Get Pre-Approved by a Lender

There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better position than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

• Job and career status
• Income
• Monthly debt payments
• Cash available
• Total assets and debts