Welcome to the Chissell Mortgage Group home buying process walkthrough! This is going to be part 1 of our 6-part series about how the mortgage process will unfold. The purpose of this walkthrough is to makes sure that our borrowers are well educated on what to expect at each step of the way.

This is the most important step of the entire mortgage process.

Getting preapproved!

There is no point in looking at homes if you do not know what you qualify for. You are not only wasting your time, but you are also wasting your realtors time and the seller’s time. Getting preapproved is fast, easy, and most importantly free! We run it through an automated underwriting system, which tells us if the lender is willing to accept the loan or not. It will provide you with a sales price, monthly payment, and total cash to close necessary to purchase the home.  It will also give you peace of mind that you are truly qualified to purchase a home. No bait and switches here.

Now, you may not be ready to purchase a home. You just want to get some information regarding the mortgage process, maybe even get an idea of what a ballpark rate and monthly payment may look like. Totally fine! That would be considered a prequalification. For a prequalification, we do not pull credit. We also do not run it through that automated underwriting system, so you cannot use it to put in offers on a home. However, this will give you somewhat of an idea what the numbers look like and your potential buying power. Once you’re ready to start shopping, we’ll want to take you from prequalified to truly preapproved. This way, we don’t have any surprises pop up during the loan process and we can have a smooth, boring transaction!

If you like to learn more about the mortgage process or have any questions about mortgage financing, give us a call at the office at 727-376-6900.

NMLS ID: 327290; NMLS ID: 2062741

Equal Housing Opportunity