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.
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.
Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
Call one of our experienced agents to assist you with your real estate needs. It would be an honor to work with you.
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"Maria was incredible! She was such a breath of fresh air during our first home-buying experience! She answered all of our questions quickly and worked with our crazy schedule. We were truly blessed to have her as our agent, so sad in fact that we hated to say goodbye at our closing. Look forward to working with her again in the future! "