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Keller Williams Realty Blog

Tuesday, May 8, 2018   /   by Ian Gray

Why Shopping with Pre-Approval Is a Must

Shopping for homes without pre-qualification or pre-approval is like flying blind. Putting all your info on the table at the jump prevents surprises at closing and potential loss of money. Let’s dig in.

A Good Start: Pre-Qualification

Pre-qualification is the process by which a lender loosely determines your eligibility and price of home you can afford based your current financial budget and credit history.

To get pre-qualified, you will be required to give your name, address, income, assets and social security number to your lender. The lender will review your credit history and, based on that information, determine what, if any, loan programs you qualify to use in purchasing your new home. (Deep breathes, you got this!)

This basic assessment leaves lots of room for misinterpretation on the part of both parties. You may give the lender your gross income before tax deductions and basic asset information and unknowingly leave out critical information t. ...
Keller Williams Realty
2644 Suzanne Way Suite 100
Eugene, OR

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