Morning Friends!
Hope everybody had an excellent Mothers' Day!
I'm not here to discuss my weekend though, you all are here to discover the reasoning behind pre-qualifications during the home buying process. This is unbelievably important for a number of reasons; first to discover your buying power in advance. In this market we are faced with making quick decisions in this competitive market. Pre-qualifying helps determine your buying power or how much you can spend. It is worth stressing after the 2005-2006 housing explosion in the valley that living within your means and buying within your budget is key. Lenders, Loan Officers and Realtors are here to advise you during the process and this is number 1 to not ending up in foreclosure.
Secondly, pre-qualifying addresses any unknown or unresolved credit issues before finding your dream home and discovering you are unable to obtain financing. If these issues are unresolved at the time of the offer, buyers may be in danger of losing their earnest deposit when their financing falls through because of these credit issues or finding out their qualified loan amounts are not enough for the purchase price negotiated in the contract. All this can easily be avoided with the pre-qualification! Loan officers are then in a position to advise you on how to better your credit so that your dream of home ownership can become a reality. The pre-qual is valid for 3 months and is a necessary step at least 2 months in advance, if not more. This leaves time to address those possible issues or concerns and obtain adequate financing for shopping within the budget.
Here is the website of a mortgage banker that I have worked with. http://www.weststarmortgage.com/
Ramon Espinoza is incredibly knowledgeable and willing to help you during the entire process from pre-qual into the actual loan process. His contact information is available under the resources tab above.
Check back this afternoon for the Cortina Real Estate Update!
-Chelsea
Keller Williams Realty East Valley
ChelseaKWAZ@gmail.com
Hope everybody had an excellent Mothers' Day!
I'm not here to discuss my weekend though, you all are here to discover the reasoning behind pre-qualifications during the home buying process. This is unbelievably important for a number of reasons; first to discover your buying power in advance. In this market we are faced with making quick decisions in this competitive market. Pre-qualifying helps determine your buying power or how much you can spend. It is worth stressing after the 2005-2006 housing explosion in the valley that living within your means and buying within your budget is key. Lenders, Loan Officers and Realtors are here to advise you during the process and this is number 1 to not ending up in foreclosure.
Secondly, pre-qualifying addresses any unknown or unresolved credit issues before finding your dream home and discovering you are unable to obtain financing. If these issues are unresolved at the time of the offer, buyers may be in danger of losing their earnest deposit when their financing falls through because of these credit issues or finding out their qualified loan amounts are not enough for the purchase price negotiated in the contract. All this can easily be avoided with the pre-qualification! Loan officers are then in a position to advise you on how to better your credit so that your dream of home ownership can become a reality. The pre-qual is valid for 3 months and is a necessary step at least 2 months in advance, if not more. This leaves time to address those possible issues or concerns and obtain adequate financing for shopping within the budget.
Here is the website of a mortgage banker that I have worked with. http://www.weststarmortgage.com/
Ramon Espinoza is incredibly knowledgeable and willing to help you during the entire process from pre-qual into the actual loan process. His contact information is available under the resources tab above.
Check back this afternoon for the Cortina Real Estate Update!
-Chelsea
Keller Williams Realty East Valley
ChelseaKWAZ@gmail.com
Comments
Post a Comment