Getting pre-approved, other wise known as "prequalification", starts the application process. The lender checks your credit, ability to pay, and you learn how big and what type of loan you qualify for. It only takes a little time, so you should get prequalified before you start looking for homes.
Once you are pre-approved you will...
Know what price range you can afford
Be able to make an offer as soon as you find a home you like.
See potential credit or other problems early.
Have more negotiating power because sellers will know you have financial backing.
It gives sellers confidence to work with you if you’re a first-time homebuyer.
Best of all, Equity Smart Home Loans offers prequalification at no cost.
In accordance with Section 326 of the USA PATRIOT Act of 2001, Equity Smart Home Loans is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act.