Barbara O'Neill

GETTING PRE-APPROVED

Most Real Estate agents and Lenders recommend that home buyers get pre-approved with a lender before selecting a home to purchase. The choice of a lender is a very personal decision. Your real estate professional has access to many lenders offering a variety of loan programs to suit your particular needs.

REASONS TO GET PRE-APPROVED....

Ø   With pre-approval, you can determine which loan program best fits your need and which programs you qualify for. (A sampling of loan programs to follow)

Ø   You will know exactly how much you are approved for. It's no fun to find your "ideal home" and then find out you can't afford it.

Ø   Your monthly payment can be set. This will allow you to budget your money before making this large investment.

Ø  It shows you what the likely or approximate down payment and closing costs will be.

Ø   If you are a first-time buyer, you may be able to qualify for a special first-time buyer program which may allow you to afford more home for your money and take advantage of the 2009 Stimulus bill tax credit too. Even you have owned a home in the past, as long as you have not owned a home in the past 3 years you may qualify for this same tax credit.

Ø If you feel you would like and can afford a higher mortgage payment but are not able to meet qualifications, co-mortgagor financing may be made available to you.

Ø Improves your negotiating position with the seller.