Identify your property price range, and strengthen your bargaining power by understanding the difference between these two buyer tools.
"How do I know what price range to look in," and "how do I make sure my offer is accepted?" These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by the lender, but strengthens your position at the negotiating table, especially in a multiple offer situation.
| Some lenders offer pre-qualifications and pre-approvals. Here’s the difference: |
| PRE-QUALIFICATION |
PRE-APPROVAL |
- Provides a "ballpark" estimate of your buying power
- Is based on summary information you provide on your income and assets
- Requires satisfactory review of property,financial documents and program requirements to issue final approval
- Is offered by most lenders
|
- Provides proof to real estate agents and sellers that you’re pre-approved for a specific loan amount
- Is based on verification of your income, credit and assets (in some cases, verification may not even be necessary)
- Requires a satisfactory appraisal and title review and no change in financial condition for final approval
- Is offered by PMBG as a service to you before you find a home at no cost
|
To get pre-approved, or for more information, call (866) 544-7263. |
Metrocities Mortgage, LLC is a Delaware limited liability company licensed by the California Department of Corporations under the California Residential Mortgage Lending Act. Arizona Mortgage Banker License #BK0903027; Georgia Residential Mortgage License #16984; Illinois Residential Mortgage Licensee #6424; Kansas Supervised Loan License #2002-4365; Massachusetts Mortgage Lender License #MC2011; Mississippi Supervised Mortgage Company; New Hampshire First Mortgage Banker/Broker License 8728-MBB; Licensed by New Hampshire Banking Department; Licensed Banker-New Jersey Department of Banking #9932415; New York licensed mortgage banker; Pennsylvania Department of Banking #1740; Rhode Island Licensed Lender/Broker. This is not an offer to enter into a rate lock agreement under Minnesota law. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. All rates, fees, and programs are subject to change and/or withdrawal from the market without notice.
