The single smartest move you can make is to put off house hunting until you have a firm idea of your buying power. If you are pre-approved for a loan, you can save considerable time house hunting and mortgage shopping.
A pre-approved mortgage loan is an excellent guideline to help relocating home buyers know how much home they can afford. For the seller, pre-approval is proof that the buyer’s lender feels confident a loan commitment would not be a problem if all the financial documentation were in order.
Pre-Approval Benefits:
• Streamlines house hunting.
A pre-approval identifies how much money the transferee can obtain, so precious time isn’t wasted looking at too-costly homes.
• Offers peace of mind.
You know for sure how much home you can afford, and there is little chance a lender will not make the requested commitment.
• Prevents "house poor" homeowners.
Pre-approval reduces the possibility of you becoming overextended and unable to meet payments later on.
• Boosts bargaining power.
Pre-approved buyers tend to be in an advantageous position when bidding against other buyers, as sellers like knowing your loan is guaranteed.
• Pinpoints best mortgage option.
The pre-approval process helps you identify ahead of time which type of mortgage best meets your personal needs.
Before you jump into planning your move, there are some terrific services we offer to relocating families moving into or out of our area. Let us help you take advantage of them. Send us an e-mail or give us a call.
Monday, January 23, 2012
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