Mortgage Pre-Approval

Why See A Lender First?

It’s Your First Step In Purchasing A New Home

Lenders are your greatest source of power when presenting an offer to the Seller.  Finding a Lender that can look at your financial picture and tell you how much money you can afford to spend on a home helps you focus on the right homes within your price range.  When the Lender provides you with a pre-approval letter to submit with your offer to the Seller, your offer carries a lot more weight should other offers come in at the same time. 

Getting loan pre-approval is your first step in your home search process.

 

Qualifying For A Loan Has Changed

In the last two years there have been a lot of changes in the Lending Industry.  80/20 loans are gone.  “0” down loans are mostly gone except for VA.  FHA no down payment loans are now requiring 3.5 % down payment.  Requirements for getting a loan have tightened up and have become more stringent than ever before. There are a lot of new requirements for obtaining loans that today.  Your Lender knows how to work around these requirements so your loan can fit your financial comfort level.

 

Loans Are Taking Longer To Close

Unless you have cash to put down on your new home, the loan process could take as long as 45-60 days.  VA loans usually take the longest because of the requirements of obtaining those loans. Lenders are trying to get your loans closed as quickly as they can, however, their processors and Underwriters may require verification of job status or any liens out due to unpaid bills or child support so allow plenty of time when planning to buy a home in today’s economic climate we are experiencing.

 

When The Lender Says No...

Every Lending Company or Bank has their own loan programs and regulations for lending money.  Although you may not qualify at one Bank or Mortgage Company does not always mean you cannot buy a home.  We can call around and find one that has a more relaxed standard or one that has access to different loan programs.  If, however, you have been told “NO” 2-3 times and the reasons are always the same, it is time to reconsider whether you might need advise on how to change your financial picture so you can qualify for a loan.  A Lender is the best person to get this advise from.

 

Having a Pre-approval letter attached to your written offer is a powerful

Position to be in as a buyer in today’s Market Place.

 

Get Connected With The Right Lender

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