PreQualification And PreApproval

PreQualification And PreApproval

As a Real Estate Broker, I always ask a potential buyer if they have been pre-qualified and pre-approved for a loan.  This simply means as a buyer, you should apply for a loan and and obtain an approval for a loan before you find the home you want to buy.  Why, you ask.  Well, let me count a few of the ways...

1.  Generally, interest rates are locked in for a set period of time. You will know in advance
exactly what your payments will be on offers you choose to make.
2.  You can select the best loan package without being under pressure.
3)  You will only be shown homes priced within the range for which you have been pre-approved.

4)  A seller may choose to make concessions if they know that your financing is secured.  You are like a cash buyer, and this may make your offer more competitive.

I hope you have found the above helpful.  In future months and blogs I hope to clarify the home buying process for you.  If you have any questions or suggestions for upcoming blogs, please feel free to contact me. 


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Phone: 919-830-5233
Dated: April 25th 2014
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