Home Finance Page
Pre-Qualified: generally means you have been given an application and talked to a loan broker or finance institution. It is a very weak position to start house hunting!
Pre-Approved: Information has been sent to a lender and is approved pending appraisal and verification of documents! W2's and checking and saving information. A credit report probably has been pulled with pre-approved status.
APPROVED: This is where you want to be when shopping for a house. Cash in hand will tell the selling party that you are a serious customer! "Approved" means you have submitted documents and they have been checked and you are authorized a loan up to (said amount) subject to the appraisal. This, in the hands of a good real estate professional representing your side in the process is a very powerful asset and bargaining tool!
Typically, to get "approved", you will need 2 years of W-2's, a current pay stub, bank statement for each account! If you are husband and wife or co-tenants both records will be necessary!
There are many good lending institutions and a few bad ones. Shopping for money is like any other bargain shopping, you must understand the different types of loans and the interest rates. Things like pre-payment penalties and other contract options or waivers can surprise you. We have a list of recommended lenders that will be able to help you with the finance process. Licensing laws in Oregon prevent me from recommending particular vendors (home inspection, finance) unless I represent you. Please call me for such a referral.
Remember, if you see a realtors sign on a house and call him, he represents the seller. It will cost you no money to call me as your real estate agent and have me represent your side in the purchase process!
MORE INFORMATION ON HOW WE MARKET YOUR HOME!
Talk to me about Oregon buying or selling!
James L. Wardrope Principal Broker
Oregon River Realty.com
Information changes with time and may not be correct. Always contact an attorney for legal matters and me for Real Estate!Broker 1 480-0212
eMail: email@example.com RESIDENCE: 541 389-2359
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