Know the Importance of Getting Pre-Approved

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Know the Importance of Getting Pre-Approved

The importance of getting pre-approved before beginning your home search cannot be underestimated. Today, Matt Weaver of PMAC Lending is with us to explain the difference between pre-qualification and pre-approval, as well as how you can get a leg up on the competition before beginning your home search. Here are some of the highlights:

• Pre-qualification is done verbally, over the phone. While credit information is pulled, the income documentation and asset information are typically not gathered.
• Pre-approval is also done over the phone but there are some huge differences. The application is given over the phone, and all the essential materials are gathered, validated in their entirety, and you are pre-approved based on all the items gathered.

You are probably wondering: what exactly are the essential materials? The paperwork you need to prepare depends on your employment situation. Here are the basics: 

• For a standard wage-earner: W-2 forms, tax returns, pay stubs, and bank statements are typically the documents needed.
• Depending on how your employment and income breakdown works, we may need to contact your employer for further verification of employment.

The difference between Matt Weaver's PMAC Lending and typical lenders is huge. A typical lender gets verification of employment well into the loan process, which is not the right way to go about it because issues that could have been solved from the beginning serve only to prolong the process. PMAC Lending has the most extensive pre-approval process in the industry, so you can be sure you have a leg up on other home buyers and are ready to go when it's time to shop for a home.

As always, if you are interested in refinancing your home or need a pre-approval before beginning your home search, give us call. We'd love to assist you with the process!