Before you start your dream home search, you should be pre-qualified for a loan. Otherwise, you could miss out on getting the perfect home under contract! Most lenders can pre-qualify you over the phone and/or through a quick on-line application. They will ask general questions about your income, debt, credit history and assets. With this information, lenders can estimate the maximum loan amount you could qualify for.

In this market, it is also recommended to go ahead and get fully pre-approved by your lender. Being pre-qualified and pre-approved are two separate things. A pre-qualification letter does not look as strong to a Seller as a full pre-approval, specially during any multiple offer situation when you are competing with other buyers who have been fully pre-approved. This is because the information provided to the lender was just general information and has not yet been fully verified.

Pre-approved means that you have applied for a mortgage; filled out the mortgage application with your lender, they have received your credit report and verified your employment & assets. With a full pre-approval, you have more credibility as an interested buyer because you know exactly how much you can afford and the Seller can be more confident in your financing that you will qualify for the loan to purchase their home and it will not fall through during the process due to financing.

In addition to being pre-approved, it is also just as important to be approved with an experienced lender who has a great reputation that is legitimate, organized and accessible so they can provide you with important information throughout the process. 

My Preferred Lender is Shirley Mueller who is the VP of Veteran Lending with Guaranteed Rate. I have been working with Shirley and her team since 2011, so we are very experienced with the process of all types of loans and have an excellent track record of smooth transactions and closing on time. We both also have a special niche with helping Veterans obtain homes using their VA Home Loan.