No matter what type of real estate market, it’s a good idea to be pre-approved for a mortgage loan before you begin your search.
A pre-approved mortgage loan is a lender's actual commitment to lend to the homebuyer, with specifications on the exact loan amount. To become pre-approved, consumers must provide personal financial information, such as income, debt and assets, to an underwriter. After a homebuyer applies for the loan, the lender will most likely approve the application with certain caveats. As the lender is committing to the loan amount and interest rate up front, the buyer knows they have their financing in place before shopping for a home. Advantages of having a pre-approved mortgage loan include:
Establishing an advantage. A pre-approval letter gives the homebuyer an edge in multi-offer situations. Sellers prefer working with potential buyers who are pre-approved; they do not want a deal to fall through because the purchaser cannot get sufficient financing. An offer with a mortgage pre-approval letter carries far more weight than an offer with only a pre-qualification letter or no letter at all.
Finding the loan that best meets your needs. Working with a mortgage advisor before looking at houses gives the homebuyer plenty of time to decide which type of loan works best for his or her financial goals. Once the buyer decides on the kind of loan he or she wants and has been pre-approved for it, the homebuyer can then focus on finding their dream home.
Establishing the price range. Getting pre-approved for a mortgage enables the homebuyer to determine, prior to house hunting, how much money he or she qualifies for, thereby establishing a price range. The homebuyer can then focus on looking at appropriate homes.
Click Here to get pre-approved. Respectfully,
Gloria Benaroch, CRS, CSP,E-Pro, SRES,Coldwell BankerBroker AssociateFluent in French, German and Russianmailto:[email protected]
Cell:732-245-4031 Fax:862-345-2303Search the MLS: http://GloriaBSellsHomes.listingbook.com/