Once you’ve decided to buy a property, the first step is not to go house hunting. Instead, you should find out what you can borrow. In doing so, it is important to understand the difference between loan qualification and approval.
Pre-Qualified
Getting pre-qualified for a home loan carries little if any weight when it comes to actually getting the loan issued. Let’s take a look at why.
Its time to buy your first home and you’ve done the research. The first step is to find out how much you can borrow. Down to the bank you go for a sit down with a friendly home loan officer. This person asks you questions about finances, salaries, credit and so forth. You might even be asked to fill out a short questionnaire. After a surprisingly short time, the bank officer suggests a loan amount of around $300,000 is probable. Being really helpful, the bank officer even prints out a form letter with your name and the pre-qualification amount of $300,000. Wow, that was easy…perhaps to easy?
The problem with pre-qualifications is they are based on best guesses. The bank officer looks at no hard facts. When it comes time to actually apply for...
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