Rochester NY Real Estate

Become a Preferred Home Buyer in Penfield and Webster NY

When you begin house-hunting, it will help you narrow down the homes that you consider if you know how much you can afford to pay. You can do that by getting prequalified, or you can take the process one step further by getting preapproved.

Many people get confused by these terms and think they mean the same thing, when actually they are quite different. Being prequalified doesn't mean that you have a commitment from a lender; it's merely an indication of how much home you can afford. The preapproval process, on the other hand, is more in depth. Being prequalified means a lender has evaluated your income, monthly debt, employment and available down payment to determine the best loan for you and the amount for which you would likely qualify.

When you are preapproved, you actually have a lender's written commitment to grant a loan once certain conditions have been met. For example, you will have to obtain a purchase contract to receive the money, as well as a satisfactory appraisal and a clear title report.

You can get preapproved even before you begin the house-hunting process. In some cases, the mortgage broker will honor the commitment for up to three months.

Sellers in Penfield and Webster NY will likely view you as a preferred buyer if you are preapproved because they won't have to wonder if you will be able to obtain financing. If a seller receives an offer from you with preapproval and one from a buyer who does not have financing, your offer is likely to get stronger consideration.

Call me if you have more questions. I would be happy to clarify the home buying and selling process and help with all of your real estate needs.