... Packing Tips For An Easier Move To Your New HomeMoving is already chaos... Now imagine that you and your crew are unloading the moving truck when nature calls. If you are anything like me,
Why Preapproval Should Be A Buyers First Step
Since the number of houses outnumbers buyers dramatically, you might need to stand out. The first, and simplest, is to get pre-approved/pre-qualified.
What is pre-approval/pre-qualification?
Pre-approval/pre-qualification is where you supply a banker/lender with your finances which they can take to evaluate the mortgage amount you may be qualified for. Your realtor can set you up with a lender who can give you a better picture of your budget. Freddie Mac, a mortgage loan company, lays out the 4 Cs of determining the amount you will be approved of on their site in the My Home section.
Capacity- Current and future ability to make payments.
Capital/Cash Reserves- Money and investments that can be sold for cash.
Collateral- The home or home type you are wanting to buy.
Credit- Payment history.
Conclusion: Sit down with a lender to get a more accurate representation of the amount you can loan early to boost your confidence and ground you in the reality of what you can and cannot afford.
Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....
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