A Variety of Choices
Choosing the right lender is a yet another important key element to managing your mortgage. As a mortgage consultant, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long-term goals. Another service that is just as important is helping you manage that debt over the life of your loan. There are not many lenders out there who provide this type of personalized service. My job is only just beginning when your first loan closes I will continuously monitor rates on your behalf, and stay in constant contact with you to ensure we remain on target with your financial goals.
A very important question that every home buyer out there should be asking themselves is "what's the difference between pre-qualification and pre-approval?" Well pre-qualification is the starting point in your search for mortgage lending. A quick snapshot is taken which includes income, current debt, savings, length of employment, etc. All of these factors will then be analyzed to determine which loan you qualify for. On the other hand pre-approval is written documentation that states you have the support of a lender who has agreed to be the lender of your mortgage. Based on your income, debt ratio and savings, this individual provides the dollar amount you are eligible to borrow. Another benefit of this is it shows the underwriter has reviewed your loan application. This document can now be taken with you during your home search to show sellers that you have financing for the property. This really eases the minds of most sellers because they know you are backed by an approved lender which in turn will help them decide on whom they want to release their home to and more importantly it gives you the power of negotiation. Now you have the confidence to shop around for houses that fit into that loan amount category and you have the added leverage to shop as a cash buyer! Lastly pre-approval can also shorten the time it takes to close, making even a lower bid attractive to sellers who are seeking to move quickly.
Now I know what you are saying to yourself at this moment and that is "ok now I know what I am approved for, but how much is this going to cost me each month?" This is a great question and to be honest this fear can sometimes hold up the buying process because most buyers don't think they can afford a particular amount. So let me help you better understand this and hopefully make your decision a little easier. The amount of your monthly payment depends on what loan program you choose. We always provide our clients with an easy-to-read spreadsheet that narrows their choices down, therefore allowing them to compare different loan types that meet both current and long-term goals. You will have the opportunity to select a program you feel comfortable with before you make an offer on a home. My team will never pressure you into a loan you do not want nor will we only provide one solution for your situation. It is your home and your decision, we are here to make it a smooth process and get you into the home of your dreams. The best part of it all is that pre-approval is FREE! You have absolutely nothing to lose and everything to gain.
Call my office today and let's start paving the road to your home.