Why do you need an Approval rather than just a pre-qualification.
Hi my name is Thomas Feng with Momentum Realty.
It can end up costing you thousands of dollars if you truly aren’t qualified. We’ve helped save hundreds of buyers from making huge mistakes when purchasing that could cost thousands of dollars.
A prequalification is NOT a true approval. It’s the initial step in the home loan process where you just discuss your financial situation with the loan officer, but nothing is verified.
The approval is where the buyer actually provides the lender with all of the necessary documentation to tell them what they are approved for, which loan product is the best option for them, and gives the buyer a better idea of the interest rate.
You want to go through the entire approval process. The lender has done things like verified your employment, seen your taxes, and looked at your bank statements. They’ve truly verified everything you will need in order to let you know how much they will loan you and what your payment will be.
It’s essential that you do this, otherwise you could stand to lose your initial deposit and any money that you’ve spent on things like inspections or the appraisal.
Don’t fall into that trap, call us and let us walk you through the safest and most strategic way to become a homeowner and don’t forget, it’s free to have an agent represent you. The seller pays for our fees but we are here to protect your best interests.