Buying a new home can be one of the most exhilarating and frustrating financial decisions in your life. It doesn’t have to be taxing and frustrating. You can do the savvy thing and get preapproved. Getting preapproved for a home loan is the most important step before you set out to buy your dream home. Real estate is a competitive market and some sellers won’t even entertain offers from buyers without a preapproval letter.
James B. Nutter takes all the steps to ensure you can qualify for your dream home. The first step is to talk to one of our non-commissioned Loan Officers. They can help you sift through all your finances, paperwork, and assist in your application. Our preapproval process is not just a simple glance at your finances. We look at your credit history, assets, debts, employment and send it through the underwriting process. Nutter will then do the due diligence into your finances to determine how much of a loan you can afford.
After gathering all the information, you will receive a letter from one of our underwriters that will list the preapproved loan amount. The letter will give you confidence and the ability to move fast on an offer at the maximum price or even a tad lower. You will be treated like a cash borrower because you have already cleared the biggest hurdle in the mortgage process.
When searching for a mortgage you will see the term prequalified, beware this is not the same thing as preapproved. The biggest difference of the two is prequalification is a loan officer’s opinion of how much money you can borrow. But, in a preapproval we take an extra step to send it through the underwriting process. The preapproval will be valid for a certain amount of time and puts you in the driver’s seat to purchase your dream home.
At Nutter, we make buying a home easy and painless - allowing you to concentrate on finding the home of your dreams. Plus, we can get you preapproved at no cost - you’ll be glad you did. Learn more about our No Cost Preapproval.
Check out our Preapproval Frequently Asked Questions (FAQs).