Loan Preapproval – Why?
Few people can buy a home or condo for cash. Nine out of 10 buyers finance their purchase, which means that virtually all buyers-especially first-time purchasers – require a loan.
"Preapproval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this, the lender will provide you with a preapproval letter, which shows your borrowing power.
This Benefits You, the Buyer - How?
First, it gives you and your realtor a reasonable range of home prices to search through versus finding the home you like and then the let down of not being able to afford it.
Second, it gives you an advantage in negotiating for the home you select. If two identical offers are made on a home, and the other offer is not preapproved, yours carries more weight. You're saying, "I’m a real buyer."
Third, by meeting with loan officers or preapproval on line, you have time to select the best value that fits your needs.
Fourth, you can close quicker because part of the financing process is already complete.
Links to Lenders that will help you through the process:
Below are links to lenders that will compete for your business. Shop with different lenders, some may have different programs that fit your needs better.
- Hancock Bank
Commercial Loans
Residential Loans - Regions
Commercial Loans
Residential Loans - Wells Fargo Home Mortgage
- MSB – MidSouth Bank
Commercial Loans
Residential Loans - Bank of America
- Summit Bank
Residential & Commercial Loans - Trustmark Banking and Financial Solutions
- Suntrust Bank
Residential Loans
Commercial Loans
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