Wednesday, November 6, 2013

What can you afford? And why is getting pre-approved important?


And Why is getting Pre-Approved Important?
Real Estate 101 in Santa Cruz and Monterey Counties

Pre-approval program
Many buyers are applying for a loan and obtaining approval before they find the home they wish to buy.

Benefits of pre-approval
 · You look at the “right” homes
· You save money dealing with a comfortable seller
· You close more quickly
· You minimize trauma of not knowing if you qualify
There are many different loans available.  Your loan officer is the best source to discuss the many different possible scenarios. 
When you visit with your lender, Ask for…
...a Good Faith Estimate which will include an approximate amount of money needed at closing in addition to an approximate payment amount. Note: Some lenders prefer not to give you a Good Faith Estimate due to strict regulations, however, if you are comparing loans from different lenders, you will need to compare "apples to apples" so make sure you get all the costs of the loan and the APR.
...a Pre-approval letter showing that you are a qualified buyer.  Note: Most real estate agents will have the lender do a customized Pre-approval letter with the amount that you are making the offer when you write a contract. As a Buyer, you do not want to disclose to the Seller how much you can actually afford.

If you do not have a lender, contact Terri Woods for a list of VIP Lenders. 

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