Loan Pre Approval / Rates
One of the first key steps in the home buying process is to talk to a mortgage banker or mortgage broker about what loans are currently available and how much you qualify for. You can do a simple prequalification to determine approximately what you can qualify for so that you know what price range to concentrate on if you are not quite ready to buy and are simply exploring the housing market. There are even simple on line calculators that help you determine about what you may qualify for but when it comes time that you are ready to buy it is a must that one of your first steps is to get the loan pre approval process started combined with a buyer consultation with a Realtor. The pre approval process should be done asap in the home buying process.
By getting pre approved for a home loan not only will you know exactly what price range to be concentrating on but you will know how to put your financing in order, time for your loan officer to research the best loan for you and you will be ready to write a competitive offer. When presenting offers it is a almost always expected that along with the offer a pre approval letter be presented. You are at a major disadvantage if we present an offer for you without a preapproval letter. Negotiating a purchase contract is a major part of the home buying process and the more we do to present a strong offer the better the chances you as a buyer have as getting the house you want for the price and terms you want.
There are numerous sites that will give you a general idea of where rates are currently but buyers commonly make the mistake of using these numbers to see how much their loan will be. You can use it for a ballpark but not only do rates fluctuate constantly but you may not qualify for the posted rates.
Contact us for to set an appointment to see where rates currently are at and what loan type will be best for you. Being preapproved by a quality mortgage banker or broker will not only be of great help in getting the loan that is right for you but is a major plus in the purchase offer process.
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