We asked local Guild Mortgage Company agent Michael Fornerette to talk about something that may be confusing to many 1st time home buyers, and that is whether or not they should get pre-approved for a home loan before they look for a house, or after they’ve found one they want to buy.
Soundbuilt Homes has been building new houses in Pierce, King and Thurston counties for more than 30 years – so it shouldn’t come as a surprise that when it comes to our preferred lenders, we would want to partner with Guild Mortgage Company, since they’ve been connecting new home buyers with new houses for more than 50 years!
Michael Fornerette, of Guild Mortgage Company, shared these 6 reasons to get pre-approved for a home loan before you even set out on the house-hunting trail.
Getting pre-approved helps you answer some really important 1st time home buyer questions before you buy a home.
Exactly how much of a home can I buy?
By getting pre-approval before you make an offer, you will be certain of the amount of the loan you will qualify for. The Fornerette Group at Guild Mortgage Company can provide you with full credit approval in advance, which will allow you to shop as a cash buyer. With written approval in your hand, you can make a more aggressive negotiation and this could save you thousands of dollars on your home purchase.
There are so many loan options – how will I know which one is best for me?
When you are pre-approved by the Fornerette Group, you will have access to Guild’s many loan programs. We will determine what programs you do qualify for, and narrow it down to the one that is right for your long-term and short term goals.
What will my payments be?
The amount of your monthly payment depends on the specific loan program you choose. We can provide you with an easy-to-read document that compares different loan programs so that you will feel comfortable about your monthly financial obligation before even making an offer on a home.
What is credit scoring and how does it work?
Credit scoring is an evaluation system used by lenders to help them determine whether or not they should lend you money. This system grades you based on many factors, including your payment history, outstanding credit balances, credit history, the type of credit you have accumulated, and the number of inquiries on your credit record. Points are awarded for each factor, with a high score being favorable.
How much does it cost to be preapproved?
Absolutely nothing! You have nothing to lose and everything to gain. We provide complementary credit consultation to all our clients. Our goal is not only to help you find the best loan now, but also help you manage that financial responsibility in the future by reviewing your options on a regular basis.
How will pre-approval benefit me when I make an offer?
Full credit approval gives you buying power. When pre-approved you can negotiate more confidently and potentially have your offer chosen over another. The seller will take your offer more seriously because they will know you already have approval from a reputable lender.
The best reason to get pre-approved for a home loan before you start house hunting is this: Full credit approval gives you almost all of the power of an all cash buyer. The team at Guild Mortgage is here to help make your home buying experience enjoyable and successful. Call to schedule an appointment for home loan pre-approval – or apply online.
The Fornerette Group – Michael Fornerette WA MLO-121193
Office 253.830.2323 – or Apply Online
The information provided in this advertisement is for educational purposes only. This advertisement should not be construed as a commitment to lend; all loans subject to underwriter approval. Terms and conditions apply.