Getting pre-approved before making an offer on a home is a crucial step in the buying process. It not only helps you understand your budget and what you can afford but also shows sellers that you are a serious and qualified buyer. In competitive markets, a pre-approval can give you an edge over other buyers, as sellers are more likely to accept offers from those who have already secured financing. Additionally, it streamlines the closing process, reducing potential delays and making your path to homeownership smoother and more efficient.
SENIOR LOAN OFFICER
NMLS# 203922
Office: 941-894-6565
Fax: 941-894-0776
Cell: 941-586-7680
Email: Tom@ffgloans.com
8235 Natures Way
Lakewood Ranch, FL 34202
NMLS# 105317
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. There are a variety of different loan programs. Your loan officer will make sure to get a pre-qualification for the specific programs that best suit your needs.
WHAT HAPPENS WHEN A LOAN GOES "LIVE"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
SIGNING AND FINALIZING THE DEAL
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!
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