In our last 3 Insider Mortgage Tips we discussed the 3 components lenders look at in order to make a determination of your ability to obtain a mortgage.
In this Insider Mortgage Secrets Tip, we will discuss the
process of getting approved for a loan BEFORE you start shopping for your new
home.
Do You Have A Thousand Dollars To Simply Throw Away?
I know this may sound like a very silly question but that
is exactly what happens every day to unsuspecting buyers who do not get
pre-approved for a loan BEFORE they go house hunting.
Let me explain with a typical scenario...
You decide it is time to move so you find a realtor and
start looking for a home. After some house hunting you find the perfect home
and make an offer which is accepted.
Now you must meet with a lender to obtain a mortgage for
this home. When you apply for your loan the lender will request a check for the
appraisal and credit report. It is also a very good idea to have your home
inspected. This is another fee that you will be required to pay for when the
service is rendered.
So, approximately 7 to 10 days after your contract was
accepted by the seller you will be required to spend this $1000.00 or more.
Whether Your Loan Is Approved Or Denied These Funds Are
Not Refunded!
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THE RIGHT WAY...
The proper procedure is to meet with a lender and get
your loan pre-approved BEFORE you go house hunting. Aside from avoiding the
unpleasant situation just described above there are other benefits to having
your loan in place as your first step in the process.
In this pre-approval meeting we can establish what your
comfort level is for monthly payments as well as the amount of funds you can
comfortably use for the transaction and we can then use these figures to
recommend the appropriate program.
In a seller's market where there are many more buyers in
the market than there are homes for sale this can give you a much needed edge.
When the seller knows your loan is already pre-approved your contract has a
better chance of being accepted than the one from the buyer who has not yet met
with the lender and may or may not be able to get a loan.
If you would like to get pre-approved and have your money
waiting for you BEFORE you go house hunting please a good Mortgage Consultant will offer you a No-Obligation Consultation.
In our next issue we will cover the appraisal and what
your home is worth.
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If you would like to get started now please fill out a
Secure Online Application and we will contact you to set up your free
consultation and get you into the home of your dreams with the best terms
available...
regardless of your credit!
Or if you have questions, call us or submit them here:
I hope you have enjoyed this step of our Home Buying Guide I am publishing Right Here on My Blog!!!.
Until our next lesson,
God Bless!!
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