Why You Should Get a Pre-Approval Letter - Buying a Home In Farmville Virginia
You want to buy a home! This is an exciting time. You have evaluated your budget and worked with the online mortgage calculators to determine the amount you can spend on your new home. You have done your research and you are likely ahead of most other buyers. So you wonder why should you get a pre-approval letter? Well there are many great reasons as to why you should.
There are many loan programs available. You may not know of special loan programs available to you and a loan officer can go over all of your choices. The loan program you choose to use to purchase your home may lower or raise the qualification purchase number that we use to buy a home. It is very important to know the maximum price that you can qualify for prior to shopping for a home.
It is very important to know your maximum home purchase price. No one wants to fall in love with a home that you can't qualify for. That is only a disappointing and heart-wrenching moment. By having the maximum price in front of you before you begin the process it will prevent finding a home that you can not purchase.
As a buyer you will need a substantial amount of closing costs money. Many loan programs will allow us to ask the seller to contribute all, most or much of your needed money to help pay for your closing costs. It is important to know how to struture the contract with this knowledge in hand. Many buyers find it better to have the closing costs paid for by the seller instead of lowering the price. Getting this right before writing the contract can help present you as a strong and capable buyer.
Many loan officers will need substantial paperwork from you as a buyer. Some of the paperwork needed to be qualified for a loan takes time to get. Examples of this are: VA loan paperwork; IRS documentation; 401K paperwork and cash-out. If you will need 45 days to get your paperwork together we can not ask for a 30 day closing. Again, this is a matter of being prepared.
The lender can tell us how long they will need to get the loan approved and ready for closing. Coordinating with a lender on a closing date saves time, headaches, and stresses. Generally speaking if the lender gives a closing date they can make they make that date.
A pre-approval letter is not a promise to lend you the money. A good lender though will let you know where you stand and will make sure you get to the closing table with as little stress as possible.
If you need a great lender to prepare a pre-approval letter for you please contact me to refer one to you. Helping you find the best lender available is very important to me.
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