Posted on: 01st Nov, 2011 10:39 pm
Is it better to get pre-approved for a mortgage when I start looking a home?
Hi Johnny,
It is always a good option to get pre-approved for a mortgage. Pre-approval for a mortgage won't put you under any obligation. This will also help you to start looking at properties that you'll be able to afford. Once you get pre-approved, you will be able to know exactly how much you can borrow to buy a home. As a borrower, you will also have the confidence to negotiate your purchase and you will be considered as a serious buyer by prospective sellers and their agents. You will also be able to know about the closing costs associated with purchasing a home.
Thanks,
Jerry
It is always a good option to get pre-approved for a mortgage. Pre-approval for a mortgage won't put you under any obligation. This will also help you to start looking at properties that you'll be able to afford. Once you get pre-approved, you will be able to know exactly how much you can borrow to buy a home. As a borrower, you will also have the confidence to negotiate your purchase and you will be considered as a serious buyer by prospective sellers and their agents. You will also be able to know about the closing costs associated with purchasing a home.
Thanks,
Jerry
Hello Johnny,
The pre-approval process involves a confirmation of income and a credit check on the borrower. As long as no major income or credit changes occur between the time of pre-approval and the actual purchase of a home, the dollar amount of pre-approval can be expected to remain the same. A nonrefundable fee may be charged for the process.A pre-approved mortgage is still subject to review once a specific property has been chosen, so the dollar amount is not guaranteed. A pre-approval may be lowered or even revoked if the property in question may be difficult to resell in the real estate market due to preconditions, location and other factors.
:idea:
The pre-approval process involves a confirmation of income and a credit check on the borrower. As long as no major income or credit changes occur between the time of pre-approval and the actual purchase of a home, the dollar amount of pre-approval can be expected to remain the same. A nonrefundable fee may be charged for the process.A pre-approved mortgage is still subject to review once a specific property has been chosen, so the dollar amount is not guaranteed. A pre-approval may be lowered or even revoked if the property in question may be difficult to resell in the real estate market due to preconditions, location and other factors.
:idea:
