As today’s lending standards require higher credit scores and larger down payments than in the recent past, it’s more important than ever for buyers to be pre-approved for a mortgage before starting the home shopping process. Here’s why: * Knowing exactly how much money you can qualify to borrow will ensure you don’t waste your time looking at homes you can’t afford. * Based on your loan pre-approval, you’ll know in advance what contract terms you’ll want to negotiate with sellers–for example, seller-paid points, closing costs, inspections, etc. * If you find a particularly good deal on a home, you’ll be able to jump on it, without worrying about whether you’ll get the financing you need. * Having done much of the loan application paperwork ahead of time, you can assure sellers who may need a fast settlement–as with pre-foreclosure sales–that because you are already approved for a mortgage, your contract will go to settlement (closing) quickly. Source: Fizber.com
This entry hasn't been re-blogged:
Re-Blogged By Re-Blogged At
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!