Preapproval is necessary for the home-buying process. In fact, it’s so necessary that realtors in Albuquerque are hesitant to show a home to a potential home-buyer unless the borrower has already been pre-approved for a mortgage.

Similarly, the pre-approval is involved in a mortgage application. You will provide detailed information on your application about your income, debts, and assets. The lender will do an evaluation and determine if you qualify to purchase a home. If you qualify, they’ll provide you with an estimate of price ranges for a home.

Unfortunately, buying a new home is not like purchasing a new pair of shoes on the internet. This is a good analogy when it comes to one of those big online companies that promise a new mortgage with a few easy clicks on their website.

There are many interested parties in a purchase transaction, and they all depend or revolve around the mortgage company. If you need a timely pre-qualified letter or assurance that the loan will close on time, an automated online lender will not accommodate all of those interested parties of a purchase transaction. You will need someone who will pick up the phone when realtors need information or when the borrower has questions. A local Albuquerque mortgage broker, such as Indigo Mortgage, will be just as fast and work to get you a better rate with lower fees. Indigo Mortgage is also always available to answer questions. If you’re looking for a pre-qualification, stay local in Albuquerque!