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Ready to make the move into home ownership?

Mari Real Estate & Management

Ready to make the move into home ownership?

We share with you the two important moves that you need to choose from, before proceeding to purchase your dream home.


Mortgage Pre-Qualification


Is an early step into your home buying journey and is the guidance you need in order to go into the right direction and not hit roadblocks that can disappoint your idea of owning a home.  You see, home ownership is a big step and with those steps comes big responsibilities that at the end, will give you an opportunity to earn equity over time, and best part, know that instead of putting money into other people’s mortgage, you are putting money towards your own mortgage.


When you pre-qualify for a home loan, you are putting together an estimate of what you might be able to borrow, based on the information that you provide about your finances (which are your income and expenses) based on a ratio that the lender works with, they can determine whether you can qualify for the amount you will like or what you will be able to afford due to your credit worthiness.


With the pre-qualification process, you and your lender can work out a plan to get you into home ownership if at that moment, you find out that you may not be ready to go into the next process, which is to get a pre-approval letter.  But do not get discouraged because, time passes either way and if home ownership is what you want, then make the time to do what is necessary to have all in order in the next 12 – 24 months so you can be able to make that dream come true for you and/or for your family.


Mortgage Pre-Approval


This next step is as close as you can get to getting a final approval to purchase your home, without having a purchase contract in place.  This step is taken once you are fully determined and committed to taking the step into home ownership.   Here is where your lender has already researched your credit worthiness with starting credit of 620 – 650 minimum, you have the qualified ratio and you have the 5% - 20% down that is needed and lastly the closing costs.


Then you are ready to start the search for your dream home, based on the pre-approval loan amount you were given in the letter that is good for 90 days.


This pre-approval letter is extremely important to sellers, because it shows that you are a committed and responsible buyer that can secure a mortgage, which makes it more likely that the purchase process will go through all the way.   You must know that there are other factors that may not make the process of the purchase possible, but we would talk about that on another blog, as on this one we are talking about the pre-approval process to purchase a home, which is one of the most important points in the home buying journey and process.


What information will you be required to provide?


Pre- Qualification

Pre- Approval



Income verification

Copies of paystubs that show your most recent 30 days of income.

Credit check

Credit Check

Basic information about bank accounts & credit cards

Two, sometimes three of your most recent bank statements (all accounts) if you have more than one.

Down payment amount you have available & desired mortgage amount

Down payment amount you have available & desired mortgage amount

No tax information required

W-2 statements and signed personal and/or business tax returns from the past two years.



Which of the two is right for you?

It really depends on, if you are just thinking or you are ready to make the move and where you stand in knowledge with your financial stability and the amount of deposit you have in hand.   From there is where you can decide where to start and go from there.  No matter which of the two you choose, at Mari Real Estate, we want to help you from the first starting point all the way until the day of closing.  We want to give you a piece of mind that you have us to back you up and to make sure that feel at ease during the whole process.


Contact us today by calling (305) 381-5006 or sending us an email to