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The Pre-Approval Process
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Knowledge and experience are the keys to successful real estate transactions. REALTOR.com®contains an enormous amount of valuable information, and such data — combined with the expertise, experience and training of local REALTORS® — can be the essential keys to your success.
One of the keys to making the homebuying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the homebuying process.
Do You Know What You Want?
Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them with me in detail.
Do You Have The Money?
Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require a 5 percent downpayment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.
As to closing costs, in today’s buyer market, we can frequently negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses.
Is Your Financial House in Order? Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
Take the first step … Get Pre-Approved: Increasingly sellers are requiring that offers be accompanied by a Pre-Approval Letter. Pre-Approval, which is different from Pre-Qualification, is a process which produces a commitment from a lender to provide mortgage financing for any home within the specified criteria providing the holder’s credit status does not have a negative change prior to the completion of loan underwriting.
This Pre-Aproval serves two very important functions. First, it ensures that your search is in keeping with your ability to buy. This helps to avoid spending energy searching for homes that you can’t obtain financing for and the resulting disappoinment and possible embarsement that follows notice that you can’t get the needed financing.
Secondly, and probably more importantly, it tells the seller that you are a ready and capable buyer … thus strenghtening your offer.
Offers made with Financing Contigency are rarely excepted without a 48 hour break clause. Meaning that if another offer is recieved by the Seller, which the Seller prefers for any reason, you will be given 48 hours to remove the financing contigency or your offer is considered void and your search must begin again!
Getting Pre-Approved is a simple process that any Mortgage Broker/Officer can assist you with. For more information on the Pre-Approval Process refer to this information or Give me a call at 205.937.0237. I can assist you with the process to get a head start on a productive search for your new home.
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