In order to get pre-qualified for a mortgage, you need to supply a lender with your overall financial picture including information about your income, assets, and debts. Its purpose is to give you a general idea of what mortgage amount a lender estimates you qualify for. However, because the assessment doesn’t take an in-depth look at your finances and credit rating whatever amount you’re quoted should be taken as a general guideline. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know since this step doesn’t involve a thorough financial assessment and credit check, the lender can’t form a complete picture of your potential default risk. This means that the amount you are pre-qualified for isn’t necessarily what the loan amount you can count on getting. Bottomline with pre-qualification is that the amount you are pre-qualified for isn’t necessarily how much money you can count on getting as a loan. Check out below to see what sold in Arcadia Ridge in December 2018:
15917 Johnson Creek Drive, Northville: 4 bedrooms, 3.1 bathrooms, 3,299 sq. feet, 3 car garage, Sold Price: $592,500
Arcadia Ridge Home Sold
December 2018
However, a real benefit from getting pre-qualified is that it will give you a good sense of the size of mortgage you can expect to qualify for and can function as a reality check, making sure you know how much house you’re really in the market to afford. For more information on Arcadia Ridge, or similar Northville or Novi neighborhoods such as Walden Woods, Windridge Place and Brookstone Village, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.