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Mortgage Pre-Qualification
- Copper Canyon Subdivision in Ivins, Utah
Get Pre-Qualified Before Looking at Saint George Real Estate
Pre-qualification is the first step to obtaining mortgage financing. A potential buyer answers key questions to provide the loan consultant with a quick overview of the borrower’s income, existing debt, accumulated savings and whether or not there is a co-borrower. The loan consultant will run a credit check upon the borrower’s permission, and will then determine what loans are a good match for this client. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.
This process is pretty much the same whether you are considering buying a Saint George, Utah home or anticipating a purchase anywhere else in the United States. You must get in to see a loan consultant for a pre-qualification if you are to be successful making bids on real estate.
Pre-Approval for Saint George Real Estate is Even Better!
Pre-approval is even better but not necessary right away. Here, a written documentation proves the borrower has full support of a lender. A pre-qualification will also come in the form of a letter, but pre-approval means the lender is actually committing to your project. It also means that form 1003, which is the 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.
In Saint George, Utah homes are bought on this same principle; get in and see a good lender long before you start combing Southern Utah for a great piece of property. There are several very honest and ethical lenders in Washington County, Utah and the St. George area. Lisi & Associates are aligned with loan professionals who are trustworthy and very knowledgeable, so please consult with us before choosing a lender. We can be reached in Saint George, Utah at 435-215-3090.