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Do You Know Your Home-Buying Budget?

Pre-Qualified: This is the initial stage of the Lending Process. Typically, there is No Cost associated with becoming Pre-qualified. A lender wants to know your income, your debt, and your assets. They may pull your Credit Score. After reviewing this information, a Lender will give you an idea of the mortgage amount for which you qualify.
Pre-qualification does not include analysis of your Credit Report or a comprehensive examination of your actual ability to purchase a house. 

Pre-Approved:  This is much more extensive process. You will complete an official mortgage application. The Lender will expect documentation of your employment, earnings, assets. They will scrutinize your debts and Credit Records. When complete, the Lender is stating "Your money is waiting for you."  All they need is the address of the home you choose. With Pre-approval, you shop for a home with the knowledge that the most time consuming part of the home buying experience is past. Furthermore, your search is streamlined; you know what you can afford.

You want more reasons to talk to a lender first?

1. It strengthens your offer to purchase.
The Home Seller can see where the funds are coming from and is more likely to accept an agrressive offer.

2. It prevents frustration.
When you discuss all of your mortgage options with a good lender you will understand exactly how much house you can afford as well as all of the the costs involved in purchasing.  Avoid the stress and frustration of looking at homes before you truly understand where your comfort zone is.  Avoid surprises.

3.  It speeds up the process.
Time is critical if you love a home. While you are trying to get approved, someone else could submit a pre-approved offer and steal your home from you. This is especially true if you are considering foreclosures, short sales, or other types of distress sales.  The ability to close quickly can be almost as improtant to a seller as the price offered.

You can continue to shop lenders even after being pre-qualified by one lender.  You will typically have 3 days from the date of an accepted offer to officially choose which lender you are going with.

If you don't have your pre-qualification letter yet, you can accomplish that in less than 20 minutes over the phone!

You can use any lender licensed in North Carolina and agents are never compensated for recommending lenders. 

For friendly personal attention you might try calling our local PHH Mortgage representative: Christopher Ayer @ 704-771-3954 or visit his Mortgage Information Website.  He will glady answer all your mortgage questions and explain all of your options; Conventional, FHA, VA, and all other funding choices. 

If you are gonna' Buy - Why not Apply?