Please submit additional questions for my "blogumn" to melinda@myagentmelinda.com
First and foremost I hope all of you had a wonderful weekend and took a moment to celebrate and remember those who have fallen serving our Country protecting our rights and freedom. From the bottom of my heart I thank all of you who have served and are serving.
"Do I need to be pre-approved before I submit an offer?"
All agents and sellers will require a pre-approval or pre-qualification letter with an offer. That tells the agent and seller that you have, at a minimum had your credit reviewed by a loan officer and have answered some general questions about your income and appear to be qualified to buy the home.
When your lender pulls your credit he or she may discover something on the report you weren't aware of such as a collection item or even a mistake. It may prevent you from getting a loan or make it more difficult. Most loan officers can assist you in removing or correcting issues on your credit report. In some cases you still may not be able to qualify for a loan and as a result have to delay your home purchase. This would be important information to have before shopping for a home and potentially finding one you'd like to buy, right?
Take it one step further and provide your chosen loan officer with your most recent W-2 and/or 1099, last two paystubs, last two bank statements and asset statements and the lender can analyze your financial position, submit your file to underwriting and start informaing you about the loan products that suit you and your personal situation you best.
Going through this process puts you in a position of power when writing an offer. You're confident about your financial position, you maybe be able to close more quickly and you're removed the risk of a surprise with regard to your financing!
I'm always happy to provide you a referral to a reputable loan officer! Just call or send us an email and we'll get back to you with a list of our preferred providers!
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