The first step to buying a home, is to determine if you can qualify for a home loan. There is no need getting exited about buying a home, shopping, only to find out you can't get the loan. When you talk to a lender, they will analyze your credit, your income and your debts to determine if you qualify and if so, for what maximum loan amount. 

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Hi Richard,

The way I describe it is like this: A pre-qualification is a snapshot of where a potential buyer is at the moment.  They accurately tell me what they make, what their liabilities are, I take a look at their credit (with their permission) and we have a benchmark to start from, based on automated underwriting.  Time to go looking. 

A pre-approval is a more formal.  Documentation is required and includes everything for the mortgage, except a specific property.  We generate a commitment letter based off of automated underwriting and our local underwriting process.  Time to go shopping. 

Once a property is identified and a P&S is agreed upon, we update the pre-approval into a loan application and evaluate and underwrite based on the appraisal numbers and selling price.

I am with you every step of the way, so any buyers in MA or NH, please reach out to me ay wkelly@mortgagenetwork.com, and I will talk you through the process.  For agents, I specialize in VA loans and can advise you on how to engage with your clients.

Bill Kelly

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The First Step to Bying a Home - Loan Preapproval

Started by Richard A. Curtis. Last reply by William Kelly Jan 9. 1 Reply

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