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The Benefits of Mortgage Loan Pre-Qualification with Home State Bank

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Maybe your family is expanding, and you’ve outgrown the space in your current home.  Or your spouse has received a nice promotion that involves a transfer to a new state.  Whatever the reason you may have for shopping for a new home, the smartest thing you can do before looking at prospective houses is to get pre-qualified for a mortgage loan.

 

Home State Bank’s Jim Sorenson (NMLS #488093), Vice President of Sales for Residential Mortgages, says that the main benefit to getting pre-qualified for a mortgage loan is that there will be no surprises during the home-buying process.  The pre-qualification procedure involves a credit check, which could reveal a problem the buyer wasn’t aware of, such as identity theft or a simple mistake regarding a credit card account.  Difficulties like these can delay the process of obtaining a loan, so anything caught early can be resolved in a timely manner.

 

Another benefit of pre-qualification is that the buyer knows exactly how much he or she can afford to spend on a home.  It saves time during the house-hunting process when buyers know their highest price point, including annual taxes assessed for each property.  For the purchase of a townhome or condo, association fees must also be taken into account.

 

The pre-qualification process involves more than just a credit check; the buyers’ financials would be assessed, including a current pay stub, a couple years of past tax returns, and financial statements that show where the down payment for a home would be coming from.

 

Home State Bank, a community bank in McHenry County, offers many advantages to prospective home buyers; a terrific reputation in the community, experienced lenders who know local realtors and the sales process, and a quick turn-around time so borrowers can get started searching for their perfect new home!

 

Home State Bank  | 40 Grant St, Crystal Lake, IL 60014 | (815) 459-2000

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