Buying a Home Part 3: The Mortgage Pre-Approval Process

In our last couple of Mortgage Tips we discussed the credit and asset components lenders look at in order to make a determination of your ability to obtain a mortgage.

In this tip, we will discuss the Mortgage Pre-Approval Process BEFORE you start shopping for your new home.

 Do You Have A Thousand Dollars To Simply Throw Away?

open-house-gdc7207652_1920 I know this may sound like a very silly question but that is exactly what happens every day to unsuspecting buyers who do not get pre-approved for a loan BEFORE they go house hunting.

Let me explain with a typical scenario…

You decide it is time to move so you find a realtor and start looking for a home. After some house hunting you find the perfect home and make an offer which is accepted.

Now you must meet with a lender to obtain a mortgage for this home. When you apply for your loan the lender will request payment info for the appraisal and credit report. It is also a very good idea to have your home inspected. This is another fee that you will be required to pay for when the service is rendered.

So, approximately 7 to 10 days after your contract was accepted by the seller you will be required to spend this $1000.00 or more.

Whether Your Loan Is Approved Or Denied These Funds Are Not Refunded!


The proper procedure is to meet with a lender and get your loan pre-approved BEFORE you go house hunting. Aside from avoiding the unpleasant situation just described above there are other benefits to having your loan in place as your first step in the process.

In this pre-approval meeting we can establish what your comfort level is for monthly payments as well as the amount of funds you can comfortably use for the transaction and we can then use these figures to recommend the appropriate program.

In a seller’s market where there are many more buyers in the market than there are homes for sale this can give you a much needed edge. When the seller knows your loan is already pre-approved your contract has a better chance of being accepted than the one from the buyer who has not yet met with the lender and may or may not be able to get a loan.

If you would like to get pre-approved and have your money waiting for you BEFORE you go house hunting please call me at 904-514-8884 for a No-Obligation Consultation.

In our next tip we will cover the appraisal and what your home is worth.


If you would like to get started now; please fill out our Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

I hope you have enjoyed this tip.  We currently have over 40 creative programs to fit your needs.

Until next time,


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Steve Verrier
NMLS #228111

ANE Lending LLC.
NMLS #1999497

NMLS Consumer Access


Contact Us at ANE Lending - NMLS #1999497
13475 Atlantic Blvd
Suite 8
Jacksonville , FL 32225

(904) 514-8884

2019 All Rights Reserved. ANE Lending LLC. NMLS 1999497. Equal Housing Opportunity Mortgage Broker. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products and queries are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions may apply. To view our NMLS Filings, CLICK HERE