Florida Mortgage Pre Approval & Pre Qualification

Your Florida mortgage preapproval is important for many reasons. First, the home loan pre approval lets you know what mortgage program you qualify for, how much house you can afford, down payment required, closing costs and your monthly payment to name a few things.  Equally important, it tells the home seller that you qualified to close on the transaction. All home sellers will want to insure you the buyers has your finances in order before looking at your contract offer. Think about if you were a home seller - wouldn’t you want to insure the buyer has obtained a solid mortgage pre approval in advance before you accept their offer and start packing up boxes?  Of course you would.

Regardless of the type of mortgage you choose (FHA, VA, USDA Rural Home Loans, Conventional mortgage) the home loan mortgage preapproval should be your first step. Research shows that a pre-approved home buyer has 97% of the buying power of a cash buyer!

One commonly asked question we receive from prospective Florida home buyers is what is the difference between a home pre approval and pre qualification?

Many prospective homeowners hear these different mortgage terms (prequalified, preapproved, credit check, etc) and do not completely understand the difference.  Even more confusing, many mortgage professionals rely on their own different interpretations. Below we have outlined some clarification to this subject.

Florida Mortgage Pre-Qualification:

This is when your loan application is processed and your credit is also checked. The entire process typically takes around 30 min to complete.  At this time your debt to income ratios are calculated to determine the purchase price that you can afford. All the information you provide to the mortgage specialist is based on your word (income, job history, bank/asset information, etc) The only thing that can be 100% verified at this is point is your credit and debts, which is a critical part.  Assuming you are telling the truth, everything the mortgage specialist tells you should be accurate. Once this evaluation is complete, the mortgage specialist can issue a letter of pre-qualification to you.

Florida Mortgage Pre-Approval:

Basically everything noted above. The key difference is all the information you provided on your loan application is VERIFIED and checked at this point. During the pre approval process your loan specialist will ask that you deliver all the documents needed for underwriting purposes.

Income – pay stubs, tax returns, etc.

Assets  – bank account statements, etc.

Job/Rent history – verification.

ID – social security and drivers license.

Once all your paper work is received, your loan file will be reviewed and approved by the underwriter. At this point you will have a complete loan pre-approval. Keep in mind, your loan pre-approval still does not guarantee the home loan to you. Once you find the perfect home to purchase, there are many other important factors related to the actual home itself (not you) that need to be approved as well.  Items like the home inspection, home appraisal – these are very important “collateral requirements” that need to be approved as well.  Of course these requirements will not be satisfied until you have a completely executed contract on a home.

Again, many mortgage professionals rely on different interpretations of pre qualified and pre approved. It really comes down the mortgage specialist. Either way, a properly trained home loan specialist will be able to foresee any potential issues well in advance and navigate through these items properly.

MORTGAGE PROGRAMS

For more critical information about getting pre-approved for a Florida home loan, you can do two things:

• Fill out our On-Line Application form, and a Loan Specialist will contact you back with the information you need to move forward;
• Call us at 1-800-871-2636 and speak directly to a Loan Specialist who can take you throught the process and make it easy for you to understand.

We know that educating you is the best way to serve you, and we are honored to have the opportunity to assist you when you are in need of mortgage financing. Please do not hesitate to use our services to suit your specific needs!

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