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Jackie Walker & Kelly Goni

Jackie Walker & Kelly Goni

With The Walker Team, You're Always #1!

Getting Pre-Approved


Before you begin to search for the perfect home, it is extremely   important to get pre-approved (not just pre-qualified). Then you will know the amount of a loan you can qualify for at this time. Knowing this, you can then focus your home search in the appropriate price range.



Lenders use slightly different formulas for determining the “total monthly house payment.” These costs generally include the loan principal, interest payment, property taxes (as a monthly sum), and hazard insurance (as a monthly sum). These four items are sometimes referred to as PITI (principal, interest, taxes and insurance). Other costs may be included in this calculation if your down payment is less than 20 percent, or if you are responsible for homeowner’s association dues. The calculations may vary from lender to lender, but will provide you with a gauge.



In the process of obtaining a pre-approval letter, a lender will require proof of your finances, and will make a preliminary statement on the size of the loan for which you’ll qualify. You should be given information about the down payment, closing costs, monthly payments (PITI), type of loan, and any special programs you might be qualified to use (first-time buyers, teachers, veterans etc).



A pre-approval letter from your lender will be submitted with your offer on a home. You should have one ready to go before you start looking at properties. A pre-approval letter from a well-know, solid lender, gives you an advantage in a competitive offer situation. It will make your offer much more powerful.



The Walker Team can give you several recommendations for lenders. Just call or email Jackie or Kelly.