Why Get Pre-Qualified?
1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
6 Financial Prerequisites for Buying a House
1. Have a Sufficient Down Payment
2. Find an Affordable Interest Rate
3. Have a Minimum Acceptable Credit Score
4. Have a Debt-To-Income Ratio Less Than or Equal to 43%
5. Have the Ability to Pay Closing Costs
6. Have Required Financial Documentation
The Bottom Line
Before you can think about buying the home of your dreams, you need to be sure that your finances are in order and that you've prepared wisely and thoroughly before the mortgage-approval process even begins.
HERE ARE THE MOST REPUTABLE AND DEPENDABLE LENDERS THAT I WORK WITH REGULARLY:
Jeremy T. Bryan ─ Home Savings Bank
200 Fort Pierpont Dr., Suite 105,
Morgantown, WV 26508
F: 304.906.4832 | C: 304.282.1774
NMLS #1635526 |
Jeffrey A Lagoni - Victorian Finance, LLC
NMLS # 140105
2570 Boyce Plaza Road
Pittsurgh PA 15241
(412) 854-4500
(412) 253-2853
Julie McCracken - Welcome Home Finance, LP
100 Northpointe Circle, Suite 206
Seven Fields PA 16046
Phone: 724-772-3333 ext 2126
Fax: 724-772-3343
Cell: 412-956-1764
Licensed by The PA Dept. of Banking
NMLS License # 141128 PA License # 24947
Donna Morris – First Federal Savings & Loan of Greene County
NMLS ID # 608027
25 East High Street
Waynesburg, PA 15370
Phone 724-627-4249
Fax 724-627-5878
Melissa Walker – Community Bank
NMLS#511884
100 Miller Lane
Waynesburg, PA 15370
TEL #724-627-3134