-The first step to buying a home is getting preapproved for a loan. “There are several reasons for a home loan preapproval,” says Marc Coons, Paso Robles home lender with CrossCounty Mortgage, “which includes the fact that real estate agents rarely invest the time to help a client look for a property without first knowing what the buyer can afford.”
Even though it’s an exciting adventure, home shopping is also exhausting. It takes time and energy to think about the features that make the perfect home, look through the multiple listings, find an agent, and drive from place to place comparing the features of each choice.
Be aware that preapproval is not the same thing as prequalified. The two terms are sometimes used interchangeably, but they are very different.
- For prequalification, a lender does not verify the financial information and estimates what the buyer can afford.
- For preapproval the lender examines credit reports, tax returns, investments, and bank statements, verifies income from pay stubs, and helps identify any issues that may need clarification. The pre-approval letter shows how much the buyer can afford, an estimated interest rate, and any requirements for the loan, such as the type of property.
Preapproval from the Paso Robles home lender is a one-time process that streamlines searching for the perfect home. The benefits include:
- Knowing what is affordable before house shopping tells buyers and real estate agents how much a lender is willing to invest. The lender has already reviewed all of the relevant financial information such as income, savings, and debt. In addition, the preapproval process identifies any potential problems that can be resolved before heading out to look at homes.
- The pre-approval process is a one-time venture. No need to go through the loan process only to be disappointed when a loan is denied, then to go through the process again for the next choice.
- Pre-approval widens choices because there is no guessing involved. Your real estate agent knows exactly which homes qualify for the preapproved loan. No time is wasted looking at unaffordable homes.
- Sellers are more likely to accept an offer from a preapproved buyer because there is no waiting to find out whether or not a loan is approved.
- Sellers are often more likely to negotiate when they know the buyer has already secured funding for the purchase.
- A preapproved loan gets you into your new house sooner because the wait for loan approval is eliminated. Buyers can go right to escrow, the home appraisal, inspection, and title verification.
- There is very little time wasted if your offer isn’t accepted. Preapproval allows you to move on to your next choice.
Marc Coons has been helping individuals and families find the perfect Paso Robles home lender since 2004. Recognizing that each customer has unique needs and backed by Certainty Home Lending, Marc applies his experience to streamline the entire loan process. With access to multiple lenders, Marc and his team are in the best position to get best loan possible. Home loan services include:
- Mortgage loans and financing
- Conventional, Jumbo, FHA, USDA, VA, and 203(k)
- Construction loans
- Home purchase or refinancing
- Equity loans and HELOC (lines of credit)
Whether buying your first home, a condominium, a ranch, a small farm, or planning on building or refinancing, Marc Coons and his team of professional loan consultants work for you to make the process as easy as possible and get you the best loan for your future.
806 9th St, Suite 2A
Paso Robles, CA 93446