You've been careful with your finances, saved for a down payment, and finally received approval for a mortgage loan. It's time to celebrate, right?Not yet. Your lender will recheck your credit right
Why Your Realtor ® Keeps Pushing You To Get Prequalified
While idly shopping for a home may be pleasant, serious home buyers need to start the process in a lender's office, not an open house. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter.
First, they have an opportunity to discuss loan options and budgeting with the lender.
Second, the lender will check on their credit and alert the would-be buyers to any problems.
Third, the buyers learn the maximum they can borrow and therefore have an idea of their price range.
However, all buyers should be careful to estimate their own comfort level with a housing payment rather than immediately aiming for the top of their spending ability.
Lastly, home sellers expect all buyers to have a pre-approval letter and are more willing to negotiate with people who have proof that they can obtain financing.
See, here's the thing....NO, a Realtor DOES NOT want to waste their unpaid hours with unqualified buyers! This however IS NOT because they are not being paid yet...it's because a GOOD REALTOR wants their client to be happy with their home buying experience, not disappointed because they fell in love with a home they can not buy!
The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....
Latest Blog Posts
Your grandma and her ma before her knew how to pinch pennies. Bet they knew where every dime of their household income went. Do you? Don't kick yourself if you don't. It's tough in this day and