Qualifying for a Mortgage
What is the Difference Between
Pre-Qualified and Pre-Approved?
Let's Get You Pre-Approved So
We Can Make a Winning Offer
to Get the Home You Want!
You can get pre-approved
without buying a home,
but you can’t buy a home
without getting pre-approved.
Imagine applying for a credit card where all you had to do was call the lender and verbally tell them your income and your debts. Imagine they didn't verify who you are or any of the information you gave them. Imagine, they sent you a credit card and they didn't even read your credit report. With some exceptions, this is your basic home-purchase pre-qualification, especially from many on-line sources.
Some internet lenders will give you a pre-qualification letter just to rope you in and then change the terms and requirements when you’re ready to buy. This can jeopardize your deal and place you in breach of contract. The Rising Tide Team is here to help you get properly qualified by legitimate companies.
Okay, so how do you know if you were pre-qualified or pre-approved? Even mortgage lenders use these terms interchangeably. You want a lender to review your credit report) and then determine your debt/income ratio.
Our team of licensed real estate brokers can help you with this determination. Simply bring in or email us your pre-qualification or pre-approval letter to HomeLoanQualified@gmail.com. We'll be happy to help you.
We Have Many Lenders To Choose From!
Here's What You Need to Get Started...
>>>We are in a competitive market where homes sell quickly and buyers are constantly shut-out because their financing is not in place before making an offer. Let’s be prepared by following the necessary steps to make a winning offer so you get the home you want!
>>>Remember, more and more sellers will not show their homes to buyers who are not pre-approved.
>>>Pre-approval gives you a competitive advantage in a competitive buying market.
So, let’s take these easy steps
and then we can go look at homes.
Who needs to come to our initial home-buying meeting?
Those who will decide on which home to buy and who will have an interest in the financing should be at the initial meeting. If any of the parties are not local, we’ll be happy to make arrangements that help the buying process.
What Documents Do We Need for Your Pre-Approval?
1. 2 forms of current and valid identification. At least 1 with photo and 1 government issued.
2. Separate email addresses for each party.
3. Bank Statements – Last 2 months from all accounts. Include front and back and all blank/form pages.
4. Tax Returns – Last 2 years of 1040 federal tax return. If self-employed, last 2 years of federal corporate and/or partnership tax returns. Last 2 years of W-2 forms.
5. Award Letters – If applicable. For retirement/pension income, social security and disability income.
6. Mortgage Statements – If applicable. Property tax bills and homeowner insurance statements for all real estate owned.
7. Bankruptcy – If applicable. Petition and discharge. These are available online in our office if you can’t locate the document.
8. Court Judgments for Money – If applicable. Judgments for money against the mortgage applicant.
9. If retired, last 2 months of retirement/pension, 401K and Social Security 1099 statements.
10. If divorced, a copy of the divorce decree and separation agreement.
Please Call or Email if You Have Any Questions!
Please call Alan Rosenthal at 828-419-0979 or email to RosenthalMountainProperties@gmail.com if you have any questions. We look forward to getting you started on your path to homeownership! Thank you!
The first step to buying a home
is qualifying for a mortgage.
We'll help you!
Pre-Qualification is the professional standard.
You want to work with professionals.
We want to serve you professionally!
>>>Over 90% of non-qualified potential buyers do not follow through with an offer after viewing homes or land.
>>>In a competitive market such as ours, sellers will most often choose the offer of a qualified buyer over that of a non-qualified buyer.
>>>On behalf of our clients, real estate professionals will spend 30-60 hours of their time to prepare and show properties, research and write offers, and the necessary follow-up. The process of becoming properly qualified takes about an hour or so. Obviously, everyone is better positioned for a successful home-buying process when the potential buyer is Pre-Qualified.
>>>Everyone is concerned with safety and security. Even the opioid crisis has a real estate connection as addicts pose as buyers to gain access to the seller's medicine cabinets.
>>>For homeowners, properly qualifying potential buyers is the surest way to prevent theft and scams at homes that are for sale. Many sellers and their agents will not allow non-qualified to view their homes.
Each year, real estate professionals are killed and assaulted while doing their jobs. Please take a moment to watch the short video below on safety in the real estate business.
>>>Almost all cases of violence against real estate professionals could have been prevented by properly qualifying the potential buyer prior to meeting them at a property. Brokers in our firm do not meet new potential clients on the fly in the field. The best place to meet is in our office where we have all the tools we need to properly serve you. If that is inconvenient for you, we can arrange to meet at coffee shops, major hotels, and community centers throughout the region.
>>>For the safety and security of the home sellers that we represent and the real estate professional community, we assure our clients that we will bring only properly qualified potential buyers into their homes. As leaders in our community, The Rising Tide Team extends this best practice and courtesy to the clients of other real estate agencies.