Financing Your Intown Atlanta Home
Pre-Approval vs. Pre-Qualification
Talking to a lender is often a smart first step in buying a home. If you need a mortgage, a lender can quickly tell you how much you're qualified to borrow, and get the paperwork started. Having this conversation early will add certainty to the rest of your buying process, and help you avoid disappointment when it's time to close the sale. It will also help in dealing with sellers, many of whom require documentation from a potential lender before considering your price offer. A guarantee from your lender on a mortgage is called pre-approval. You can also make calculations toward your mortgage without speaking with a lender - this is called pre-qualification.
Pre-Qualification
Pre-Qualification means there have been loan calculations made that show how much you “may” be able to borrow. While pre-qualification can reduce the processing time for home loans, indicate how much house you can afford and provide certain leverage in bargaining power, it doesn’t necessarily guarantee that such a loan will in fact be made by a lender.
Pre-Approval
Pre-Approval means you actually have a loan waiting, subject only to finding the home and the home being appraised at the sales price. The “pre-approval” letter represents an actual commitment on the part of the lender. In order to secure such a letter it is necessary to complete a formal loan application and pay the associated fees. Credit, salary and bank funds will be checked, and if the loan is a good investment, the lender will issue a pre-approved letter that provides a commitment for a limited period of time, subject to a satisfactory property appraisal and title search.
Jefferey Pinkerton of Hillside Lending - Our Preferred Lender
Hillside Lending president Jeffery Pinkerton puts our clients in touch with a wide variety of well-established lenders. With the ability to use any one of his investors to secure financing, Mr. Pinkerton can find a loan that meets your specific needs, at the best rates available. Mr. Pinkerton established Hillside Lending in 2002, after working for six years as an in-house loan officer in two of Atlanta's largest real estate companies. Hillside Lending official website.
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