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18 March 2015

Importance of Pre-Qualifying for a home loan BEFORE shopping!

What is mortgage pre-qualification? A mortgage prequalification is an estimate of how much a lender would be willing to loan you. Once you have given an estimate of your income and assets, the lender will provide you with a written statement showing your maximum loan amount based on your debt-to-income ratio. Pre-qualification is only a […]

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What is mortgage pre-qualification? A mortgage prequalification is an estimate of how much a lender would be willing to loan you. Once you have given an estimate of your income and assets, the lender will provide you with a written statement showing your maximum loan amount based on your debt-to-income ratio. Pre-qualification is only a preliminary decision, and not a full approval. You can get a preapproval from us at AfterForeclosure.com, online or by phone using the information at the bottom of the page. Pre-qualification can help you figure out if buying a home is a viable option and what your price range might be.

You might be wondering, WHY is that important to do before finding your dream home? Let me give you a couple reasons!

A Pre-approval will show you have the resources to make the purchase, and it helps you act quickly when you find the perfect home. From the sellers’ point of view, a pre-approved buyer is more attractive than someone who says they can buy a house but have nothing but their word to back up their offer. By proving you have your bank’s backing, a mortgage pre-approval can help you negotiate on price – and it can be a deciding factor for sellers who receive multiple bids. Not only that but If you go into the home of your dreams without a pre-approval and several other buyers are interested who do have a pre-approval, chances are that the pre-approved buyers offer will be accepted before yours because they are ready to begin the loan process right away and already know that the price of the home is in their budget.

Some people decide to buy a home and pick out a home that they love before being pre-approved. When they get there heart set on this house and then go to the bank to get pre-approved, they may find out one of three things; They could find out that there credit is so low that they can’t even qualify for a home mortgage, and need to work on boosting their credit before going forward with a home loan. Another problem they could run into is that maybe they are only 20 points off from being within prime lending range, and only need to fix a couple of things before they can begin to qualify for a home loan. The worst problem that could occur is finding out AFTER they’ve picked out there dream home that’s on the market and are ready to make an offer, but during pre-approval find out that the home is out of there price range and they can’t make an offer on the home anymore. This would not only be discouraging but also disappointing for a potential home owner. To avoid feeling defeated during the home buying process, its best to go to a lender and pre-qualify for the loan to know exactly what price range you are looking in to avoid finding one that’s way out of the price range. You can prequalify with AfterForeclosure.com at the bottom of the page!

The importance factor of becoming pre-approved through a lender is very vital in the homebuying process. If owning a home is something you’re interested in After a foreclosure or shortsale, Afterforeclosure.com is the perfect lender to help you! Contact us today for YOUR pre-approval quick and easy! (760)388-5884 or www.Afterforeclosure.com

 

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