SERIOUS ABOUT BUYING? GET PRE-APPROVED
In many markets across the country, the amount of buyers searching for their dream home greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
But even if you are in a market that is not as competitive, knowing your budget will give you the confidence to know if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website.
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with Carrie Courtney & Company is that we have relationships with local lenders who will be able to help you with this process. You will need to fill out a loan application and provide important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying and it often helps speed up the process once your offer has been accepted.
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.
Lori Smith with Butler Mortgage, Inc., Powered by The Mortgage Firm.
Click here for to fill out the pre-qualification form. Please be sure to request "Lori Smith" and the link will come directly to her.
Please take a look at the list below and send me everything that pertains to you.
This will allow Lori to give a good pre-approval. In addition please provide to Lori with a two year history of employment and housing.
Lori will need the employers name, address, phone number, start date and end date. For the housing, she will need to know all addresses and rent for the past 2 years with landlord information as well.