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College Station Texas Home Loans - The Importance of getting pre-qualified.
By Trevor | June 17, 2008
What is pre-qualification ? Why do I need to be pre-qualified to buy ? How does this help the loan process along ?
It is really very simple, and will make buying your next home easier. There are lots of homes for sale right now in College Station, and the summer is the busiest time of year. A time when having all your ducks in a row counts more than ever. When you get serious about purchasing a new home, larger home, building a custom home or even a condo it is important to speak to a qualified mortgage broker and get pre-qualified to buy.
Speaking with a local mortgage broker about your financial situation can let you (and your agent) know how much home you can afford. This depends on your credit history, debt, income, savings, cash on hand and a variety of other factors.
Establishing a good relationship and getting the approval of a lender not only helps you to know how expensive of a home you can afford, but also can make contract negotiations go smoother. Sellers (and their agents) would always rather work with buyers presenting contracts with pre-approval letters. That way they know that the offer is serious and backed up by a reputable local lender. This could mean the difference between getting the home of your dreams or having it snatched away by another buyer during this busy time of the market.
The best thing……getting pre-qualified costs you nothing. That’s right. It is free. And it gives you the power and chance of getting the best home for your money.
Lenders will pull your credit with your social security or driver’s license number, but you will also need checking and savings balances, credit card balances, existing loan balances from tuition, vehicle or other properties, as well as 401k, mutual fund or other investment fund balances. The more complete of a financial picture you can paint with the lender the better they can do letting you know your ideal price range.
Need a local reputable lender that you can trust - give me a call and I will put you in touch with the finest, easiest to work with and most reliable lenders in town.
Have more questions - call me today. 979-209-4943
Topics: College Station Real Estate |
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