BUYING A NEW HOME
HOME BUYERS HELPFUL HINTS:
Get Pre-Approved for Your Home Loan - There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage.
Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you and may take a little time and effort.
Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford and you will have positioned yourself in a better place than someone not prepared.
It also may carry some weight when you make an offer on that home that you have Pre Approved Letter over someone that is Pre Qualified Letter.
It also gives you the opportunity to shop around for the best deal and the best interest rates.
Do your research: Learn about loan fees, processing fees or points and make sure there aren’t any hidden costs.
Your lender may need to verify your finances to get pre-approved.
Pre-qualified for a loan gives you and idea of how much you can afford as well as loan programs that are available. This takes very little time, general less paper work and is of great value and can generally be done over the phone or at an initial meeting with a loan officer.
I am a member of the Cape Girardeau County Board of Realtors – Multiple Listing Service this provides me with listing information with other Realtors. It can also be used to automatically notify my clients of listings – If you are in need of Buyer’s Agent please give me a call.
Keep in mind some NEW changes are COMING in 2015 as a result of the recent Consumer Financial Protection Bureau legislation. There will be some additional guidelines for loan approval.