ST. GEORGE HOME BUYERS: Get Power with a Pre-Approval
Pre-approvals are the real deal! Recent studies show that Buyers who get "pre-approved" are significantly more likely to actually CLOSE on a home as those who are just "pre-qualified." Is there even a difference? YES.
In a prequalification scenario, you call a Lender, tell them your income over the phone and perhaps they run your credit, after which they say, "you're good to go." The problem with this? It's like calling your Heart Surgeon and just explaining the symptoms over the phone. Can you even imagine it? NO WAY. That Doc would IMMEDIATELY SAY, "I can't diagnose you over the phone. Come in for a full checkup."
Enter stage right: The PRE-APPROVAL. In this scenario, a Lender who's worth their weight in salt...and gold, and a bunch of other stuff, has the Buyer bring in FULL documentation of employment, income, and pulls credit. They are literally saying, "barring a major disaster (like the purchase of a speedboat) and pending a signed sales contract between Buyer and Seller, you're GOLDEN for $_____. That's power for 2 reasons:
1. You're not wasting your time. You know what's real and you're armed for battle if you find the home of your dreams.
2. Sellers in today's market DEMAND Buyers get a strong pre-approval, especially banks selling foreclosed homes.
Check out the vid below on this subject by KW International. In the meantime we want to thank Matt Hickman of Academy Mortgage for some fine insights on this subject - he's one of the very best. If you'd like to inquire with Matt about YOUR home loan, he can be reached at 435-632-6811, or email@example.com to discuss a home loan pre-approval.