For most of us, a home is the biggest purchase we’ll make in our lifetime—one that carries a lot of emotional and financial value. Having a detailed budget is the first step of the process. Next comes working with a lender to secure financing. Here are some key factors for your buyers to consider.
The pre-qualification process can be completed fairly quickly, based on less Information than Is required for getting preapproved.
While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.
There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better position than someone less prepared. Finally, being pre-approved Is more efficient; It reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:
• Job and career status
• Income
• Monthly debt payments
• Cash available
• Total assets and debts
Christine Serafini is an experienced and professional Real Estate Agent in the Schenectady County, NY area that is known for her exceptional negotiation and communication skills. With over 21+ years of Real Estate experience, Christine makes each transaction as smooth and stress-free as possible for her clients.