Getting Mortgage Pre-approval

Getting pre-approved for a mortgage

 

 

So you’ve decided to buy a place of your own. Congratulations! It’s one of the most important decisions you’ll make in your lifetime. But before you start your search, there’s an important step you should take – get pre-approved. A pre-approval indicates that you have been conditionally approved for a mortgage based on information you provided and a review of your credit history.

 

A pre-approval will let help you estimate how much you can borrow, estimate how much you can afford for a monthly payment, and determine the price range you should look in for a home.

 

And, when you get pre-approved, there are several benefits that work to your advantage. You’ll show sellers that you’re a serious and qualified buyer, giving you a powerful negotiating edge. You’ll know how much you can afford up-front, allowing you to focus your energy on houses in your price range, and you’ll proceed to closing much faster.

There are several misconceptions about pre-approvals. Don’t equate a pre-qualification with a pre-approval. Unlike a pre-approval, a pre-qualification is a more informal discussion with your lender that does not require a review of your credit report.

And don’t make the mistake of assuming a pre-approval is a final approval either. To finalize the process, you will need to complete and sign a mortgage loan application and provide required documentation to verify your assets and liabilities. Other terms or conditions may be required and will be outlined the pre-approval letter that you will receive from your lender.

So how do lenders determine how much you can borrow? There are several factors, but the most important are these:  your income, your debts, the amount of your down payment and your credit history.

Kevin Petho (NMLS ID#  _680418_)  is a Loan Officer for
RBS Citizens, N.A. Citizens Bank is a brand name of RBS Citizens, N.A. (NMLS ID# 433960) and  Citizens Bank of Pennsylvania (NMLS ID# 522615).  

Direct Phone Line: (716) 444-3800.

 


For more information call Colleen Kulikowski

(716) 650-0051

 

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

Thinking of selling your ———– home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

What about one of these homes?

 

All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
 
 
 
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
 
search-buffalo-homes buffalo-neighborhoodscontact-best-buffalo-homesbuffalo-home-values get-the-latest-listings-via-email
 
All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
 
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
 
 
 


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About Kevin Petho Key Bank (716) 444-3800

Kevin Petho (NMLS ID# _680418_) is a Senior Loan Officer for Key Bank. Direct Phone Line (716) 444-3800.

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