Look For A Loan Before You Look For A Home

Look For A Loan Before You Look For A Home

So you want to buy a house in the Columbia, South Carolina  area.  Perhaps you have found your dream dream waterfront home on the shores of Lake Murray in Chapin or Lexington. So what to do first?

Before you go online and start saving your dream home to your list of favorites or call your realtor asking to go look at those home tomorrow, call a mortgage loan officer first and understand the difference between pre-qualification and pre-approval.

Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are a variety of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.

Pre-approval is a written documentation that proves the borrower has full support of a lender. It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower's income, debt ratio and savings, the underwriter will provide a dollar amount this borrower is eligible for. Now the borrower has the convenience of shopping for a home in the price range agreed upon by the lender.


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Pre-approval allows potential homeowners to shop as cash buyers, and that means negotiating power. Sellers will take an offer from a pre-approved shopper much more seriously and may even accept a lower bid because they know the financing is in place and the deal is secure.

I can point you to several LOCAL lenders who know this market and will serve you well. 

Gary Heiligman Real Estate Professional advocating and negotiating on behalf of  Buyers and Sellers in  communities surrounding Lake Murray South Carolina including, ChapinIrmo, Lexington and Timberlake . Real Estate with Gary Heiligman associated with EXIT Midlands Realty, email garyscexit@gmail.com or call 803-271-9544


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Phone: 803-467-1694
Dated: June 29th 2015
Views: 903
About Maria: Maria Kitchens is a Real Estate Professional who has lived in Chapin, SC, for the past nine years wi...

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EXIT Midlands Realty
200 Clark St PO Box 807
Chapin, SC
803-753-4961
803-345-6126