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Does it Help to be Pre-Qualified by a Lender?
The pre-qualification process can be completed fairly quickly, based on less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.
Get Pre-Approved by a Lender
There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better positioned than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:
- Job and career status
- Monthly debt payments
- Cash available
- Total assets and debts
Preferred Lender – Ted Kohn
Ted Kohn is proud to work at RPM Mortgage, Inc. Ted works with a Team to provide complete, easy to understand, lending solutions to home ownership. Team Ted prides itself on taking their clients through a “Smooth and Easy” process that keeps everyone up to date and puts the client first. With over $1 Billion Closed Loans/ Over 2000 Family’s Served, Ted is proud to have been named in Mortgage Executive’s top 1% of Originators Nationwide for consecutive years as well as a top Mortgage Originator in Scotsman Guide, and a member of RPM Mortgage’s President’s Club. We look forward to being of service to you and your family. Please call us at (800) 523-0947.