Pre-Approved helps everyone~!
Pre-Approved the importance in your house searching
Get yourself pre-approved. Mortgage Pre-Approval helps everyone in the home buying process, buyers, sellers, real estate agents. This process can be exciting, but also stressful. Getting a mortgage pre-approval before home shopping can dramatically increase your odds of acquiring the home you want, at a more comfortable price level, especially in a seller's Market. The pre-approval process will help you find:
• A reasonable range of how much of a home or land you can afford.
• How much cash you will need for the down payment.
• What a minimum down payment and advantages of higher down payments can give you over a minimum one.
• What the bank feels you can afford in monthly payment.
• Gives your agent understanding how to negotiate for you.
• Plus including a pre-approval letter along with an offer, will give an advantage in beating out any competitive offers that can exist in the house you want to buy that are receiving other offers.
The Pre-approval can also help in determining how much assistance if any that a buyer may be eligible for in down-payment, closing costs, possible mortgage help. It finds if buyers qualified as a First time home buyer. If there any existing credit problems, these can be addressed as well. Overall the information asked for is used to serve buyers better. Help find problems. Get solutions. Move forward in making goals come true, now, in the present and not the future.
Remember before the pre-approval the ordering of the three credit reports as well as the FICO scores is a must. Again cleaning the reports if any errors exist. Now the second step is getting a mortgage pre-approval. When you sign a contract on a house, obtaining a mortgage within thirty days is one of two contingencies you be committing to. The other would be a home inspection. Having been pre-approve is very similar to the actual mortgage process that would require all the financial history. The pre-approval would eliminate a lot of time after you’ve chosen a home and signed a contract for it. You be more relax. You have to deal with the other contingency of the contract. The Home inspection. You would want this done before the bank order an appraisal. If the home inspection report comes back unacceptable, the buyer can terminate the contract and receive all their money giving, minus the cost of the home inspection. Upon acceptance of the home inspection report, the Bank would order an Appraisal on the house. While waiting, for the appraisal to return, you would want to seek out various home insurance companies regarding policy and costs. The mortgage company/bank may ask for additional financial statements, proof, verification of the records they received, before closing the deal can happen.
Making you an ABLE. Ready. Willing Buyer in the eyes of the Seller and Listing Agent is the magic that closes deals.
With that Pre-approval letter buyers, are providing that ace in the deck showing the seller they are serious. They are ready, able and capable of proceeding with the purchase. Want to buy the house. Sellers love this!
Before you start to look seriously at houses, there steps that are musts dos. Those that do them succeed quicker and are most successful. Those that do not, find themselves in panic mode trying to catch up. It costs more money, time, and sometimes failures by not following something that is going to be unavoidable. Get in touch with me. I have known reasonable lenders as well as proven home inspectors that my past client thanks me for my suggestions. I also have access to many Government and private sector programs at all lever of government Federal, State, County, City level that you can get the assistant from and there is never harm in trying!!