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Take Advantage of Loan Pre-Approval
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The Advantages |
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Know how much house you can afford. Don't waste time looking at homes in the wrong price range. |
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Know how much cash you will need for the down payment or closing costs. |
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When you find a home you want, you don't risk losing it to someone pre-approved or when you find a "surprise" in a credit report. | | |
A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-approval.
As your buyer's agent, I can help you find a lender. Items considered when qualifying for a mortgage loan include:
- Employment History
- Credit History and Scores
- Monthly Income and Expenses
There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans. When you find the best loan for your situation, this information is needed for a purchase offer when you find the home you want.
You will improve your bargaining position with the sellers by showing them you are a serious buyer. Accepting your offer means less market exposure for their house to other buyers. Their decision is easier when they know you have buying power behind your offer. Once you are pre-approved, here are steps to take to make sure you stay that way.
The Mortgage Bankers Association site is a good place to learn about the loan process.
And with all of the talk about FICO scores, you may want to go to the source to learn what it means.
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