What is a Buyers best competitive edge?
Preapproval happens when your lender verifies all your financial information and documentation and determines how much the bank is willing to loan you. Do not confuse preapproval with prequalification, which is just a rough estimate of how much money you can borrow.
When a seller is considering multiple offers, the buyer with a preapproval letter will stand out. That stamp of approval lets the seller know you are on solid financial ground.
Preapproval typically takes two weeks to a month to complete. You will need to give your lender information about your finances – such as W-2 forms, recent pay stubs and bank statements- and they will do the rest.
Visit us at hfamiami.com/homebuyers for information on our fixed-low interest rate specially designed for first time homebuyers in Miami-Dade County. Our program also offers up to $15,000 in the form of a 0% deferred loan for down payment and closing costs assistance to qualified applicants.
This information is provided by AAA banking.