Carolina Home Mortgage Loan Pre-Approvals
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Get a Pre Approval?
buyers know they should get a mortgage pre-approval letter from
a lender before they begin seriously shopping for a home. The
reasons for this advice aren't always clear, and buyers sometimes
are dismayed by the amount of paperwork involved. Here is some
of the reasoning behind the advice:
pre-approval letter is more reliable than a pre-qualification
letter. Getting a pre-qualification is easy. You just call a
mortgage broker or lender, provide some basic financial information,
then wait a few minutes for the letter to come through your
fax machine. Getting a "pre-qual" from a Web site
is just as easy. Enter some information, click "submit"
and there you go. A pre-approval letter, on the other hand,
involves verification of all the information, rather than taking
your word on faith, the lender will ask for your documentation
to confirm your employment, the source of your down payment
and other aspects of your financial circumstances. Yes, a pre-approval
is more time-consuming than a pre-qualification but the benefits
are defiantly worth it.
know how much money you can qualify to borrow. Most home buyers
have a general idea of how much they would feel comfortable
paying every month on their mortgage. However, there's no quick-and-easy
way to translate that monthly payment into a specific maximum
mortgage amount because other factors, down payment percentage,
mortgage insurance, property taxes, adjustable interest rates
and so on, are all part of the calculation. And, you might not
be qualified to borrow as much as you think you should be able
to borrow, depending on your income, your debts and your credit
have more leverage in negotiations with the seller. Home Sellers
often prefer to negotiate with pre-approved buyers because the
sellers know such buyers are financially qualified to obtain
the financing they need to close the loan transaction. A pre-approval
letter is an especially favorable to a seller, in a close multiple
offer situation. And, you might feel more confident about making
an offer with a pre-approval letter in hand and the knowledge
that you'll be able to obtain a loan for the mortgage.
real estate agent will work harder on your behalf. A pre-approval
letter signals to your real estate agent that you're a well-qualified
buyer who is serious about purchasing a home. (anyone who has
ever dealt with a Realtor knows that most Realtors will not
really start to house hunt seriously fro you until you have
this letter). The increased likelihood of a closed sale, and
a commission, will naturally motivate your agent to devote more
time and energy to you.