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Understanding The Stages Of A Navarre Florida Mortgage

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Getting prequalified or preapproved for a Navarre Florida Mortgage is the first step when you decide you are ready to purchase a home.

The process of getting approved can seem a little complex to some, so we’ve mapped out exactly what to expect and the steps that you should start taking now!

Call our mortgage experts when you’re ready to begin! (850) 936-0422

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First, before beginning the process, check your credit reports and credit score! By doing this early on, you will have an idea of what kind of loans and interest rates you can expect and you will have more time to clear up any issues you find on your credit reports before you start home shopping!

THE PRE-QUALIFICATION

Second, the process of pre-qualifying for a Navarre Florida Mortgage requires an interview by a mortgage professional about your assets, income and expenses. This will give you a general idea of the price range you can afford.

Pre-qualification is not a step in securing a mortgage, but it does give you a clear idea of what to expect and gives us a picture of your financial stability.

THE PRE-APPROVAL

So you found the perfect house! When it’s time to make an offer, both your real estate agent and the seller will want to see a pre-approval letter. This shows them that you’ll be able to make the purchase and can be taken seriously! Call now! (850) 936-0422

In a competitive housing market, sellers prefer a pre-approved buyer over a buyer who might not be able to close the deal.

We look very closely at your credit reports, employment history and income. We then determine which loan programs you qualify for, the maximum amount you can borrow and the interest rates you will be facing.

The automated underwriting system will deliver a mortgage pre-approval letter within minutes and will list any conditions that need to be met for full approval.

THE COMMITMENT

Finally, your lender will issue a commitment after approving both you and the property you want.

After examining the necessary documents that verify your ability and willingness to repay the loan, your lender will submit the complete application to the underwriter.

The underwriter will return one of four decisions: Approval, Approved with Conditions, Suspended (meaning they need more information before they can make a decision), or Denied.

WE ARE HOME LENDING EXPERTS IN NAVARRE

By understanding and following our Navarre Florida Mortgage process, you are one step closer to living in your dream home!

Are you ready? Give us a call at (850) 936-0422 today!