Hello,Did you know that all lenders do a final “Credit Refresh” just before closing on a loan?This is a soft pull, so it doesn’t show new scores. It will, however, show any new activity
BEING PREAPPROVED MEANS READY WILLING ABLE GO
Dated: June 30 2016
REASONS YOUR REAL ESTATE AGENT WANTS YOU PREAPPROVED
Ever had an agent deny to show you a home because you weren’t pre-approved for a mortgage? It’s not because they’re mean, or they don’t value your business… it’s actually because they’re looking out for your best interests.
Let’s face it, shopping for a home before getting pre-approved for a mortgage is like walking into a grocery store without a wallet. You may have thedesire to buy, but you lack the ability. Let’s cover some basics…
What is a mortgage pre-approval?
In a nutshell, a mortgage pre-approval is written assurance from a lender or broker that you’re able to borrow money to purchase a home up to a certain amount. It’s based on the income, employment and asset documentation you supply at the time of application, in conjunction with your credit history.
6 reasons to get pre-approved
1. IT CARRIES MORE WEIGHT THAN A “PRE-QUALIFICATION”.
A pre-approval differs from a pre-qualification. With the former, the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 30, 60 or 90 days). A pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but it’s a less accurate indicator of your ability to purchase. A pre-approval always carries more weight.
2. YOU’LL KNOW HOW MUCH HOUSE YOU CAN AFFORD.
Getting pre-approved before you begin house hunting allows you to know how much house you can realistically afford. Knowing this narrows down the options and makes the selection process more efficient. Not to mention, it protects you from the unpleasant surprise of realizing the home you fell in love with doesn’t fit your budget.
3. IT ADDS CLOUT TO YOUR OFFER.
In many markets, homes attract more than one offer. If the sellers are weighing one offer against another, they may lean towards the one accompanied by a pre-approval letter. That’s because pre-approvals instill confidence that the buyer is financially capable of purchasing their home.
4. IT COULD INCREASE YOUR NEGOTIATING POWER.
In addition to strengthening your offer when compared to buyers who haven’t taken this step, getting pre-approved may give you the upper-hand when negotiating the price. If the homeowner is eager to sell, they may be more willing to accept a lower offer from someone they’ve been assured is financially capable of purchasing their home.
5. IT SAVES TIME.
Obtaining a mortgage is a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close — this way you’re ready to proceed with finalizing the mortgage once you’ve found the home you want to purchase.
6. WITHOUT IT, MOST AGENTS WON’T WORK WITH YOU.
Makes sense, too. Right? Think about it: when you hire an agent, he/she will invest countless hours showing you homes over the course of your house hunt. If you were in their shoes, wouldn’t you want assurance that your hard work would lead to a favorable outcome for both you and your client?
Now lets talk: I can help you buy a home shop! I have lenders that work in the middle 500 range! We do no money down loans! we have seller assist programs! we have right out of chapter 7 and 13 if your score is high and you have 15% down! loans, we have loans for DR, Teachers, and everyone! We have 5% conventional! all of these are fixed rates! Low rates! So call today, call HOMES BY ANN/ ANN Norton you REALTOR to find your next home and lets get you on to the next step! 330-412-9799 or visit http://www.annsellsohio today!
I am dedicated to you! I will give you a 100% all of the time day or night! I will get you the house you want for the price you want! I will sell your house and get it done quickly! I think outside th....
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