SERIOUS ABOUT BUYING? Get Pre-approved
In many markets across the country, the amount of buyers searching for their dream home greatly out numbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
But even if you are in a market that is not as competitive, knowing your budget will give you the confidence to know if your dream home is within your reach.
FREDDIE MAC lays out the advantages of pre-approval in the My Home section of their website.
"It's highly recommended that you work with your lender to get pre-approved before before you begin house hunting. Pre-approval will tell you how much home you can afford an can help you move faster, and with greater confidence, in competitive markets."
One of many advantages of working with me is my relationships with lenders who will be able to help you with the process. Once you have selected a lender you will need to fill out their loan application and provide them with important information regarding "your credit, debt, work history, down payment and residential history."
WHAT DETERMINES THE AMOUNT YOU WILL BE QUALIFIED TO BORROW:
* CAPACITY: Your current and future ability to make your payments.
* CAPITAL/CASH RESERVES: The money, savings and investments you have that can be sold quickly for cash
* COLLATERAL: The home, or type of home, that you would like to purchase
* CREDIT: Your history of paying bills and other debts on time
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.
Contact Me Today
Let's find you the right home at the right price.