5 Reasons To Get Your Mortgage Preapproved
You know that you are ready. You know that interest rates
are low and the federal government is offering incentives for purchasing or
refinancing. So it’s a great time for you to buy a home.
So what’s your first step? If this is your first time buying
a home, chances are that you’re assuming you should go to a real estate agent,
find a property, and then go and find a mortgage to go with it. Buzz … wrong
answer! These days, it’s important that you get preapproved for your mortgage
before you start looking at properties.
Why?
1.
Your eyes may be bigger than your budget. In
other words, until you know precisely what you can afford, looking at
properties isn’t going to be helpful. What if you fall in love with a house
that’s more than you can afford? It’s far more intelligent to go to your
Realtor or real estate agent with a preapproval in hand—then everyone is on the
same page as to how much house you can buy.
2.
Speaking of your real estate agent, more and
more of them are going to require that you get a mortgage preapproval before
you spend any time with them looking at properties. This saves time, energy,
and ultimately money for them, so they’re not wasting their time with a
customer who may not be able to actually make a purchase.
3.
The last thing that you want is to find that for
some reason you do not qualify for a mortgage. You may need to fix your credit
score, or seek out an additional income stream, or ask your spouse or
significant other to co-sign on the mortgage. Whatever the problem, it’s far
better to know about it before you start looking at properties.
4.
Getting preapproval will increase your chances of finding the right mortgage for you. Your mortgage professional will help you
look for something that’s the exact right fit for you at this time, without
being pressured by the need to act quickly on a specific property. Finding the
right mortgage is the key to long-term security and happiness inside your home,
so don’t neglect to spend the time and work necessary to get it right.
5.
Preapproval will make the closing a far less
scary and easier prospect. Your mortgage professional will help you ascertain
exactly what you need to see your way to a closing without surprises. Getting
this done ahead of time will eliminate bad news on what should be one of the
happiest days of your life.
Getting preapproval is different from prequalification.
Prequalification means that you’ve had an extensive conversation with a
professional (bank, broker, etc.) who has looked at your finances and believes
that you could qualify for a mortgage
of, for example, $350,000. There’s no signing of papers here: it really comes
down to someone’s informed and educated opinion. Preapproval means that you’ve
been through the process, you’ve supplied all the documentation required (much
of it is required by state law, which is why a broker in one state cannot
necessarily work with you in another), and an actual offer of a loan in the amount determined has been made. You
generally have 60 days to take advantage of your preapproval.
So go see your mortgage professional today to find out about
preapproval for your mortgage … and streamline the process of buying the home
of your dreams!
Labels: getting prequalified for a mortgage, how to get preapproved for a mortgage, pre approved mortgage, preapproval mortgage, preapproved mortgage loan
posted by Avrus Mortgage @ Wednesday, June 20, 2012
5 Comments
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5 Comments:
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So many people today have american home mortgage servicing complaints. The truth is that the mortgage process can be very complicated. Luckily there are many professionals that can help you through a mortgage.
-Jeff
A mortgage broker bond assures the faithful overall performance of a mortgage loan broker, which includes appropriate accounting for the cash that it gets. This bond shields the public in opposition to default, fraud, misrepresentation, and other wrongful acts by a mortgage loan broker.
Regards,
Dee
For Sale For Lease Pty Ltd
A Property management toorak For Sale For Lease Proprietary Limited
Prahran, Victoria 3181
Australia
How much will they charge me?
very informative and helpful article.
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