Determining how much you can afford to purchase before we actually start the process of locating your home allows us to narrow the search. This enables us to focus on the right list and select areas that may afford you stronger buying power on a larger home.

You will need to get pre-qualified, and where possible get pre-approved. This gives us a fast and easy price determinationonce ceiling when we begin to write an offer on a home of your choice. It can mean the difference of success or failure. Many sellers demand written proof of the buyer's qualifications before they will even consider an offer.

Because you will have gone through the steps necessary to get pre-qualified, you will have the added benefit of understanding the costs associated with purchasing your home. Not all costs are directly connected to your mortgage. However, these costs will still affect your cash-on-hand reserves.

What is the difference between pre-qualified and pre-approved?

Pre-qualifed means that based on the initial information that the potential borrower provides, it appears that the buyer can qualify for the loan amount the lender specifies. Pre-approval means that based on the more specific information requested by the lender from the borrower, including the cost, condition and age of the house as well as additional financial information from the buyer, the buyer would be approved for a loan to purchase the home. The real difference is how much underwriting and documentation that is required by the lender and provided by you.. The level of commitment from the lender is critical and is based upon the documentation and credit history you provide as well as the house information required by the lender..

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Pre-qualified - you work with a mortgage specialist and fill out simple forms, provide documentation on how much you earn, how much you owe on a monthly basis and also how much money you can put down. All information is handled in strict confidence. The result are options with estimates of the highest price that you can afford with the various terms and conditions of the loans. Furthermore, complete documentation or a more in-depth research may indicate that you qualify for an even higher loan amount or conditions.

Pre-approval – is similar to pre-qualification, but much more in-depth, you fill out complete information with documentation.Research is done so that all issues are resolved prior to approval and your home loan becomes underwritten. Your lender handles all documentation and all information in strict confidence. The result is as good as cash and provides the highest level of negotiation leverage besides actual cash.

However, in both cases the final loan is dependent upon things staying stable throughout the process up to and including the day of closing, so major purchases must be avoided. Large cash transfers out of your bank accounts or other major asset changes will directly affect your final closing approval.