|
Mortgage Pre-approval is PriorityBuyer preparation starts with a mortgage pre-approval. Many years ago, buyers would meet with me to discuss what they could afford and what size house they could expect. Buyers now do not ask these questions because they have access to more and better information than ever before. One of the reasons to write this site is to complement the amount of information available and offer solutions. NAR reports 87% of all buyers have been on the net prior to calling a Realtor. If you have not, I recommend all Buyers find a mortgage calculator at a website, enter the income and expenses, current interest rate and then see how much you qualify to borrow. This amount represents the perfect world where the borrower’s credit score and history qualify and the interest rate does not increase. Now, You Hire the DragonThe first thing you need to do is have a mortgage pre-approval - for several reasons. The obvious reason is to know how much you are qualified to spend. Next, you may not know this must accompany the agreement of sale for the seller’s review. Last, you do not even need to see the mortgage company. Call and the sales person will ask several questions on the phone (or online fill out the form) then you authorize the credit search. Their online program will give you an answer in a minute. Note, every time you authorize a credit search your score will decrease a few points. Do not ask for a pre-approval from every mortgage company you research. Protect Yourself – Ask QuestionsRecommend you search several mortgage companies and ask questions like these before you apply for your pre-approval:
If the mortgage person tells you to make an application and he will review all the ‘standard charges’, you can then say “good grief, how many charges do you have?” If the person still is uncooperative then I recommend you go to the next on your list.
Return From Mortgage Pre-approval To Mortgage Dragon |
