You’ve decided to begin your journey towards home ownership. Congratulations! Owning a home is potentially the most vital investment of your life. It paves the way towards financial security and freedom. Home ownership solidifies a significant part of your future.
The process of purchasing your home starts with the initial step of getting pre-qualified. You may have heard this term before from friends who were home shopping or seen it on a credit card application in the mail. Pre-qualified simply means that you’ve spoken to a lender and based on information that you’ve provided, the lender will inform you of with the size of the loan you are qualified for. And, based on the down payment you are willing to put towards the purchase of your new home, your lender can tell you the maximum purchase price you can shop for. You can shop for a house with confidence because you know how much you can afford.
Before we dive into why obtaining a pre-qualification for a home loan is so important, here’s the straightforward version of what will happen when you ask for a pre-qualification from Blackstone:
First and foremost, it’s very important to visit with a Mortgage Banker who is experienced and knowledgeable with the different types of loans, and who can help you choose the right loan for you and for your financial goals. Here at Blackstone Financial we’re easily accessible to our clients . We spend time in the beginning of the process to address any issues and answer any questions you might have. In doing so, we directly approve your loan. That gives us the ability to think outside the box when putting together your loan package.
To help us accomplish this, you must fill out the loan application honestly during the pre-qualification process. You will supply the lender with your financial information to be analyzed. This includes information such as pay-stubs, bank statements, tax returns and other documents based on your unique situation (to see a list of the required documents, click here.) With your permission, Blackstone Financial, Inc. will run your credit report to analyze the liability side of your application. Based on your assets and liability, Blackstone Financial, Inc. will underwrite the potential loan for you and issue a pre-approval letter. This letter is required by all REALTORS® so they know that you are serious and smart buyer. A pre-approval gives agents insight on how much of a house you are qualified for before you start the house search.
Getting pre-approved is the very first step when buying a home.
Having a pre-approval letter:
• Sends a strong message to REALTORS® that you’re a serious home buyer;
• It gives you and your agent a better picture of what you can afford. This aides in narrowing down your home search;
• Most REALTORS® will want to include your pre-approval letter from a reputable lender
like Blackstone Financial, Inc. when submitting an offer on a house;
• Your offer is stronger with this letter and can trump your competition in multi-offer scenario on the same house;
• You save time and energy knowing what you can and can’t afford;
• You can negotiate better with the seller because you have done your homework upfront.
If you’re ready to explore the possibility of home ownership, give us a call at 760-635-0552. We will be happy to answer your questions. Blackstone Financial, Inc. is a unique mortgage company. We combine extensive industry expertise with exceptional customer service. At Blackstone, we focus on getting you the best rates, pricing, and fees for any residential or commercial mortgage.