“Power” is not a word you typically associate with obtaining financing for a home purchase, but it should be. Your power source: pre-qualification.

What in the world is “Pre-qualification”?

A pre-qualification allows you – and the prospective seller – to know you are pre-qualified to finance a certain amount of money, even though you haven’t found the actual home you would like to purchase. A pre-qualification is an estimate of how large a mortgage you can afford based on the information you provide to us. It is only a preliminary decision and not a final approval or commitment to lend. No interest rate is promised or secured.

Why is Pre-qualification so Powerful?

A pre-qualification lets home sellers know that you are a serious prospect – as opposed to a window shopper. Your pre-qualification letter can be used as a bargaining chip.

For example, let’s assume you find your dream home next week. The seller has two buyers in front of them making an offer on the house. One (you) is pre-qualified and ready to commit. The other potential buyer is just starting the process. Which buyer is the seller more likely to give priority?

How do I get Pre-qualified?

The pre-qualification process is quite simple. You and I will analyze your financial situation and determine how much home you can comfortably finance. I will also ask you to fill out a mortgage application. Meanwhile, it would be a great idea for you to begin compiling supporting documentation such as:

• Recent paycheck stubs
• Last two years tax returns
• Bank and brokerage statements

With the pre-qualification letter in hand, you’ll be ready to start on the journey of finding and negotiating the purchase of the home. Best of all, you have the power in your hands.

Sincerely,

Ryan Childress
Talmer Bank and Trust
LPO Sales Manager
NMLS #728221
(614) 885-7031
(614) 638-7814