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Should Be Your First Step in Pre Approval

 

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Infographic by KCM Crew

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments

2. Capacity: Your current and future ability to make your payments

3. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

4. Collateral: The home, or type of home, that you would like to purchase

5. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Real Estate Bottom Line

Whether buying your first home or your fifth, having a local real estate professional who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality!

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Carlos Gautier Realtor
10665 Stanhaven Pl Suite 300
White Plains,
MD
20695
www.carlos4homes.com
Mon-Sat 8am - 6pm
Maryland Homes For Sale

 

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Carlos Gautier
White Plains, MD 20695
301-399-3519
carlosagautier@yahoo.com

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