Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.
View a Video from a Lehigh Valley Mortgage Advisor on Pre-Qualification vs Pre-Approval but make sure you check out the information below as there are many other helpful Home Buyer resources available.
The Pre-Qualification is determining the amount of mortgage payment a Lehigh Valley home buyer can afford. It is at this time your information is obtained and it is here where the home buyers goals and needs are understood to coincide with Home Buyers ideal monthly payment. The information obtained here will not be verified until the pre-approval process. This process is simply to create an idea of what the Lehigh Valley home buyer is looking for in a mortgage. Other Resources include: The First 5 Steps to Buying a Home, How Why and When to get pre-qualified - What Effects your credit score
The Pre-Approval process is defined as a more firm commitment on behalf of the home buyers mortgage company. This is a formal process which includes obtaining documents that include identification, employment, and financial information. A few examples of such documents include, but are not limited to: state photo ID, social security card, W2's (or full tax returns if self-employed), bank statements, investment accounts, and the home buyers employer pay stubs. At this time a credit report will be pulled and employment will be verified. A credit report will allow the Lehigh Valley Mortgage broker to see what outstanding debt the home buyer has incurred, if timely payments have been made and if the home buyer will be able to afford the monthly payment desired. A credit report - in fact - might determine now is not the right time to take on a mortgage - It may tell us that some repairs need to be made on your credit report or money needs to be saved.
After all documents are obtained, a formal approval is provided by the home buyers mortgage company, otherwise known to home buyers and Lehigh Valley REALTORS® as a Pre-Approval Letter. A Pre-Approval letter is required to submit with the home buyers offer on a home to insure the Lehigh Valley sellers that the home buyer has gone through the appropriate channels for a mortgage for that particular home. Please note this process does not include an appraisal or title search for any Lehigh Valley homes for sale.
Neither the pre-qualification process nor the pre-approval process guarantees the home buyer a mortgage. Confirming the property appraises in value, the home buyer remains employed, his/her credit does not deteriorate, and the Lehigh Valley home buyers information does not change will all play a factor in the approval. Buying a home real estate in Lehigh Valley PA is a long term commitment. In order to protect your financial well being, as a real estate professional it is strongly suggested that this be the home buyers first step when considering buying a home.
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