Get a Pre-approval Before House-hunting in

South Tampa FL!

Getting pre-approved for a home loan is the most important step in purchasing a home. If you are a new home buyer, you will appreciate following this advice early on in the home buying process. In fact, most sellers will ask you if you have been pre-approved by an established bank or mortgage company before they consider your offer.

A pre-approval will also help you focus on what homes you can afford and save you from the heartache of choosing a home you fall in love with only to find out that you cannot get a loan to buy it. Ask your real estate agent to assist you in meeting a reliable mortgage company and loan officer before you spend time looking for homes for sale in South Tampa area.

Once you get an appointment, the lender will collect all the information needed to offer you a loan. They will also check your credit report. Remember that there may be a fee to be charged in this process. Bring important documents that will confirm your identity and assets such as driver’s license, bank statements, W-2 or tax return if you’re self-employed, payslip or retirement accounts.

After the evaluation, if they are satisfied with what they learned, they will issue you a GFE or good faith estimate which is a document stating the terms of the loan, interest rate, type of loan and closing costs. Since the process of pre-approval may take some time, consider getting this at least 6 months before you plan to buy real estate in South Tampa so you will have enough time to make corrections or adjustments in the required documents.

Now, being pre-approved does not mean the lender guarantees you the loan. It basically means you are approved to get a loan unless a drastic, unforeseen event happens. First, the home you wish to buy will be appraised to confirm that the price you will pay to buy the house is not higher than its market value so in case you default on the loan in the future, they will be protected.

All home buyers should prioritize the process of getting a pre-approval. It will ensure an easier process soon once you find the home you wish to buy because owners of South Tampa area real estate for sale often prioritize prospective buyers who have been pre-approved.

If you are currently looking for homes for sale in South Tampa area and you need more advice regarding pre-approval, don’t hesitate to call me, Mary G. Diaz at 813-245-9677. I am very willing to answer your questions and make your home buying experience the best it can be!