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Pre-Approval
At Barbour Realty, we recommend mortgage pre-approval for almost all buyers. Buyers with a pre-approved mortgage have a definite advantage when they are ready to make an offer. A pre-approved mortgage creates buying power. Mortgage pre-approval speeds the process and allows the buyer to know the maximum allowable loan amount before the initial property search begins.
Be Prepared
Mortgage companies require paperwork to determine loan eligibility. Want to speed up the process? Be prepared when you approach a lender.
A credit report is the foundation of any loan process. Many buyers wisely choose to review their credit report(s) before applying for a mortgage. This will often allow you to repair errors or question missing information before a lender views the report.
To apply for pre-approval, the average person must supply the potential lender with copies of the following documents: Paycheck stubs for the last thirty (30) days; Bank statements for all checking, savings, mutual funds and/or other financial assets; and Federal tax returns and W2 forms for the previous two (2) years.
New Homes…
Because building a new home designed “just for you” is such an exciting concept, we get lots of questions regarding new home construction. Yes, while construction loans are a bit more complicated and time consuming than standard mortgage loans for pre-existing homes, the benefits to the buyer can be tremendous. Just imagine a home specifically built for “you”, “your” family and “your” needs. Remember however, that each home and each financing package is unique. Your lender can help you decide which type construction loan best fits your needs.
Relax and enjoy.
You’re on your way home…
A pre-approved loan is the equivalent to a cash offer in most circumstances. Sellers typically view such a secure bid as more desirable than simultaneous bids for which financing is pending and/or un-secured. Plain and simple, pre-approved buyers have bargaining power!
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