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GETTING A MORTGAGE TODAY IN VIRGINIA

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Real Estate Broker/Owner with Equity First Realty VA BKR# 0225058489

GETTING A MORTGAGE TODAY 

What can you do to help yourself get pre-approved?

Remember when getting a mortgage was easy? Now, you need pre-approval. So how can you increase your chances of passing that all-important test?

You want a lender in your corner. Sellers and agents don’t want to waste their time working with a buyer who isn’t pre-approved. Why should they contend with uncertainty?

A buyer with a pre-approved loan gets respect when a seller gets multiple offers. A pre-approval shows the seller the size and terms of the loan the bank is ready to greenlight. Commonly, a pre-approval is good for 90-120 days.1

Pre-approval is a whole different level than pre-qualification. You can supply very basic financial information to a bank or lender and walk out with an estimate of how much mortgage you might be able to carry. However, that is no promise. Pre-approval is an actual commitment from the lender to you.

So what can you do to earn that commitment?

Test the waters well before you test the housing market. Visit more than one lender, and see what you can borrow, just how much home you can afford, and what kind of mortgage options you have. Keep in mind that a pre-approval is a pledge that a mortgage lender makes to you, not a contract. Should some other bank or mortgage company make you a more attractive pledge, you are free to switch horses.2

Make your case. Don’t skimp on the documentation you bring to the appointment. Usually, a mortgage lender will want to see the hard data of your financial life over the last couple of years: the bank statements, the federal tax returns, the W2s, the pay stubs. If you earn investment income, bring paperwork showing that you do. If you deposited any big sums into your bank account recently, you’ll probably be asked what that deposit represents.

The amount you are pre-approved for typically reflects three factors: how much you have saved up for a down payment, your FICO score and your current address. It should only take a few business days for a lender to get back to you and let you know how much mortgage it will pre-approve for you.1

Aim to get pre-approved within 30 days. This way, you don’t risk harming your FICO score so much. The majority of credit-scoring paradigms out there don’t penalize your credit rating for home loan, student loan and car loan inquiries made 1-30 days prior to the score calculation.2

Don’t expect all the details right away. When you apply for a loan, your lender is using that day’s mortgage rates to calculate costs and payments, and rates move. So the pre-approval may be light on particulars about the interest rate or the loan type.

Avoid fly-by-night lenders. The seller and the seller’s agent want to see that a reliable, “name” lender is issuing its stamp of approval here, not an obscure Johnny-come-lately. Credibility counts.

Can’t get a standard loan? Don’t forget about the Federal Housing Administration, through which you might be able to arrange a mortgage with as little as 3.5% down. Most lenders can process an FHA loan like a standard loan, and commonly the rates are about an eighth of a point higher than a standard mortgage.

The Marcus Rice Team, Equity First Realty

 

 

 

 

Facebook Marcus Rice Team Fan PageThe Internet has changed the way real estate is bought and sold. Today's consumers have information at their fingertips. That saves us time and money and we pass those savings along to you with a Home Buyer Real Estate Rebate.1% or 1.5% the commission we earn goes back to our clients. The typical Richmond Virginia real estate buyer gets back between $5,000 to $8,000. Sometimes Much More!

Most Realtors won’t offer to give you a real estate rebate and will keep the whole commission to themselves, but Equity First Realty wants to PAY YOU for the work we know you have put into your own real estate search. The average Richmond Virginia commission can on average bring in a real estate commission of $15,000, and if you work with us, $7,500 of that can be cash in your pocket or even go towards your home purchase closing costs! Find out how you can take advantage of a home rebate today! Contact me today if your thinking about buying or building your next home, I look forward to servicing your needs. Real estate rebates are legal in the state of Virginia. Commission rebates are 100% permitted in Virginia and promoted by the U.S. Department of Justice: http://www.justice.gov/atr/public/real_estate/rebates.html.

We are your premier Richmond Virginia Discount Real Estate Broker! *certain conditions apply

The Marcus Rice Team specializes in residential and commercial real estate in the whole state of Virginia. We are tech savvy realtors with over 20 year’s experience. Please join us on our social networking network to stay up to date on Virginia real estate news and more...

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Marcus E. Rice Principal Broker & Owner, CDPE, VAR, RAR, FAAR, NAR, EFR, BBB

Equity First Realty Richmond VA  Equity First Realty Fredericksburg VA

Equity First Realty Broker Site: www.Equity1stRealty.com 
Marcus Rice Team Site: www.RichmondVaHome.com
Military Appreciation Rebate Site: www.militaryvahomerebate.com
Virginia Hometown Hero Rebate Site: www.vahometownhero.com

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Marcus E. Rice - Principal Broker, CDPE

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