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Happy birthday to Robbie-Lynn Rasmus!

Bear Creek Buck Township Ambulance Company allowed to respond to calls for the next 60 days but with conditions

<p>Going through the mortgage pre-qualification process before looking at houses can save buyers both time and heartache.</p><p>&#8220;Many times buyers begin looking for a home, with no idea of how much they can afford to spend and how much they&#8217;ll qualify for,&#8221; said Greater Wilkes-Barre Association of Realtors President Matthew Hodorowski. &#8220;The pre-qualification is based on information like income and existing debt. It&#8217;s a good place to start so buyers have a ballpark idea of what their buying power is. It helps them focus on the types of homes that are in their price range.&#8221;</p><p>A pre-qualification is different than a pre-approval. A pre-approval is more detailed and will require additional information from the buyer. Buyers should make an appointment with a lender or mortgage broker and be prepared to provide much more detailed information about their financial situation. Also, the loan officer may pull a credit report at this time. Buyers should draft a budget that accounts for mortgage payments, potential mortgage rate changes, insurance, maintenance and other expenses in their lives.</p><p>&#8220;A pre-approval is a much better way of showing your likely ability to qualify for a mortgage but it&#8217;s still not a guarantee,&#8221; said Hodorowski. &#8220;It&#8217;s important to understand that while the mortgage lender may give a pre-approval for a certain amount, other factors may affect how much you are ultimately eligible to borrow.</p><p>&#8220;For example, if you have a change in employment status or there are defects in the property you&#8217;re considering, the lender may not be willing to lend the entire amount you qualify for,&#8221; he added. In addition, large purchases during the mortgage application process can derail the approval process.</p><p>&#8220;Pre-qualified buyers show home sellers that these buyers are able to purchase their property and help making an offer on a property go more smoothly,&#8221; Hodorowski said.</p><div class="metaInfo"><bylineMeta><p>For Times Leader</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Information provided by the Greater Wilkes-Barre Association of Realtors.</p></shirttailMeta></div>

Mortgage pre-qualification and pre-approval important to homebuying process