Get Pre-Qualified First!
Shopping for a home without first getting pre-qualified for a mortgage is the equivalent of walking into a grocery store without a wallet. Yet, the vast majority of homebuyers don’t get a loan pre-approval before the “house hunt”. Buyers are often eager to start looking at homes and tend to leave what they view as the boring, mortgage process for last.
Charlotte and Sarasota counties are competitive markets, any serious buyer should pursue a pre-approval from a lender prior to beginning a home search. No pre-approval, no accepted offer!! Many sellers reject offers from buyers who don’t have a pre-approval letter from a lender.
You have to have a pre-approval and it must be a real pre-approval, or pre-qualification, where the lender has verified not just your credit, but bank statements and tax returns.
The documents to get pre-qualified are the same documents that you would need to get a mortgage, pay stubs, last two years’ W-2s, last two federal returns, two months’ worth of bank statements of all types of accounts, and your credit report. Being pre-qualified is not a loan commitment, but it helps speed up the underwriting and loan approval process.
It’s typical for potential buyers to assume they are pre-qualified for a certain mortgage amount based on what a neighbor, friend or relative with a similar credit profile bought.
A recent survey by Neighbor Works America found that nearly 4 in 10 people who are thinking of buying a home first seek advice from friends and family who own a home. Only 16 percent say they approach a real estate agent for advice in that early stage, and mortgage lenders are approached only 9 percent of the time, according to the survey. Getting pre-approved before you shop for a loan also allows buyers time to fix unexpected errors on their credit reports.
Many simply don’t want to share an abundance of private information with a lender until they actually find the home they want. When filling out the form below WE DO NOT share your information with anyone other than our primary lenders. We do not send your information out to several loan companies and expose you to constant calls. I personally send your basic information to Traci, a local loan officer I trust and who even did my home loan. She will evaluate your information and call you to proceed to the next step. You are under no obligation to use this lender and may prefer to shop around for the best rates and terms, in fact I encourage it!
Fill out the form to the right
Apply Directly with Traci at
Or Call Traci at 239-540-5555