The number of buyers searching for their dream home is greatly outnumbering the amount of homes for sale in our area. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if the market was not so competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
The main advantages of pre-approval :
Getting pre-approved before you begin house hunting will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.
One of the many advantages of working with Me is that I am a direct lender. I will be with you from the beginning to the close. I will help you through the entire process. After we meet and assess your needs, you will need to fill out the loan application and provided information regarding your credit, debt, work history, down payment and residential history.
We use the 4 Cs to help determine the amount you will be qualified to borrow:
1.Capacity: Your current and future ability to make your payments
2.Capital or cash reserves: Money, savings and investments that can be sold quickly for cash
3.Collateral: The home, or type of home, that you would like to purchase
4.Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so. There are many programs available that can provide down payment assistance. Learn more about those programs here.
Please feel free to call me if you have any questions or would like more information.
TMG Home Loans
Your Path to Home Ownership
BRE 01863312 / NMLS 1478632