ADRIANA WEST | |
Cell: | 678-907-7034 |
Ph: | 678-534-2718 |
Fax: | 770-518-9238 404-704-0291 |
west.adriana@gmail.com | |
Ofc: | Prudential GA
2340 Towne Lake Parkway Suite S-150 Woodstock, GA 30189 |
Before you start house hunting, you need to determine how much house you can afford, which will entail getting either prequalified or preapproved for a home loan. A real estate agent can help you find a mortgage broker to begin the process. While getting preapproved is a more in-depth process, a preapproval letter lets both real estate agents and sellers know that you're a serious shopper who means business.
A prequalification can be done online or over the phone and does not require your submitting financial documents. You will be asked to provide basic information about your finances — for instance, your household income versus your debt load. With this information, the lender will estimate what your maximum loan amount could be if you were to apply.
A preapproval is more involved and a real estate agent can help you prepare your documentation. The lender will perform an extensive review of your finances, requiring pay stubs, tax records, credit accounts, bank statements and more. This figure will not only be a more reliable estimate of what you can afford, but your preapproval also indicates that a lender is willing to do business with you, pending the purchase price, market appraisal and the underwriting process.
Your real estate agent should have a mortgage broker they are willing to put you in contact with – this lender will be someone they have done business with in the past, and feel comfortable recommending. However, if you decide to do a little comparison shopping and look for a lender on your own, here are a few important questions to ask.
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© 2004-2009 Adriana West Team. All information provided is
deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental. This website IS NOT the official website of Prudential Georgia Realty or its affiliated companies, and neither Prudential Georgia Realty nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any products and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than Georgia. Prudential Georgia is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc. is a service mark of The Prudential Insurance Company of America |