Before you get in contact with a real estate agent and begin searching for your dream home in Detroit, Michigan or Cleveland, Ohio, there are a few things you can do to make the process go much smoother. A new home purchase can be a daunting task, but Signature Mortgage Corporation of Canton, Ohio has assisted a number of homeowners throughout the Akron, Ohio area by discussing their housing loan options in great detail, as well as helping them to obtain home loan pre-approval. Since pre-approval is so beneficial to those buying their first home, this home mortgage lender wants to provide potential home buyers with as much information as possible.
Just what is home loan pre-approval and why is it such a powerful home buying tool? Signature Mortgage Corporation of Canton provides a brief summary on their website:
A pre-approval is a formalized process where a lender reviews the buyer’s credit, income, and assets to determine whether that buyer will qualify for a loan and the maximum loan amount and maximum purchase price for which the buyer qualifies. It’s similar to a loan approval but faster and not as intensive.
Source: Signature Mortgage Corporation
That sounds simple enough, but you may be wondering what home loan pre-approval entails and how it can work in your favor when it comes time to begin your new home purchase in Cleveland or Detroit… Fortunately, Signature Mortgage Corporation also provides a more detailed explanation of pre-approval and how it can open many doors in regards to your housing loan options.
Similar to getting a loan approval, you need to provide income documents such as paystubs and W-2s as well as asset documents such as bank statements showing the funds for the down payment and closing fees. In addition, they’ll take a look at your credit report to ensure the minimum credit standards are met and to calculate the debt-to-income ratios. Once all the documents are reviewed and the numbers calculated, this home mortgage lender will determine whether or not you qualify for a loan and will issue you a pre-approval certificate that shows the maximum loan amount and purchase price. You can provide a copy of this letter to your real estate agent as well as the seller’s agent.
Source: Signature Mortgage Corporation
So, what are the benefits of pre-approval and why have so many Akron homeowners turned to Signature Mortgage Company? There are actually quite a few, but Signature Mortgage Corporation lists the top three to show how pre-approval can help you stand out from other potential buyers.
- Determine your affordable price range.
- Shows the seller and the seller’s agent that you are a serious buyer.
- Makes your offer more attractive to the sellers.
Source: Signature Mortgage Corporation
While a new home purchase may be very intimidating at first, getting pre-approval from Signature Mortgage Corporation can make all the difference. Not only will it show sellers that you are serious about your commitment to purchasing a new house, it will also demonstrate that you are capable of affording the residence you’re interested in. Plus, pre-approval gives you the opportunity to see what your housing loan options are and just how much you are able to obtain through a home mortgage lender such as Signature Mortgage Corporation.
Contacting Signature Mortgage Corporation for home loan pre-approval is not only a smart option for those looking to purchase a new home, it’s also an affordable one. There is no cost or obligation to getting pre-approved at Signature Mortgage Corporation, and their home purchase specialists would be more than happy to answer any questions you may have about the process or the housing loan options they have available.
To find out more about home loan pre-approval from Signature Mortgage Corporation, visit their website at www.smcinc500.com. You can also read more detailed information about the housing loan options they can provide you if you already have a residence in Cleveland, Ohio or Detroit, Michigan in mind for your new home purchase. If you have any questions, don’t hesitate to give this home mortgage lender a call at 800.241.1996 and find out why residents from all over the Akron, Ohio area choose Signature Mortgage Corporation for home loan assistance.
Signature Mortgage Corporation
4790 Douglas Circle NW
Canton, Ohio
Ph: 800.241.1996