24 Sep Holly Walther Lending Team Fun Fact Friday Pre Approval Part 2
Holly: Hey guys, happy Friday. It’s Holly and little miss Daisy, and we are here for your fun fact Friday. Now last week we talked about part one of the pre-approval process and why that is so important. Now this week, we want to continue on with part two. So another reason the pre-approval process is so important is we want to look at your credit. We want to analyze it. Let’s say that you could qualify for a mortgage right now, but your credit score is 620. And maybe if we did about three months worth of work, we could get that credit score up to a 680 and it would improve your interest rate by half a percent. That’s that is a lot of money over 30 years especially in this market where there’s a shortage of inventory and it’s taking sometimes 90 days to find the perfect home. So that’s another reason a pre-approval is so important.
What if where you need to be price range, you don’t qualify for right now? Maybe you just started a new job. Maybe you have commission income, but we can’t use that to qualify you. So getting pre-approved up front gives us the ability to talk about a possible co-signer, to explore that option and see how maybe we can get you to where you want to be. Last week, we talked about knowing your numbers, knowing that whatever amount you were pre-approved for. What does that look like in a monthly payment amount? What does that look like in a cash to close? Well, another benefit of getting pre-approved upfront is let’s say you really need to be in that $350,000 home range, but you need more money down to get you where you’re comfortable. Well, guys, it takes time to save unless you’re fortunate enough to get a gift. So that is another reason. It is so important that the sooner we can connect and start your pre-approval process, the better we can protect you and have you prepare when the time comes to move into your dream home. Hope you have a great weekend. Happy Friday, and we’ll see you next week.