At Top Gun Brokers, we know the important principles purchasing using financing:
- Not every person is comfortable discussing their personal finances.
- An offer to buy a home if you do not have a letter of pre-approval is really a weak offer.
If you seriously want to purchase a property, you must recover from principle #1! You can’t typically buy a home without disclosing your financial circumstances.
Throughout the initial consultation with Top Gun Brokers, the issue of financial qualification will come up. We really do not personally have to know all of your income, expense and credit profile. However we do need to be assured that you are taking the steps to become financially qualified with a lender to purchase real estate before you actually start shopping for your dream home.
Writting an offer when you have a financial institution’s pre-approval letter on hand is nearly as great as making a cash offer. Sellers accept offers primarily based on the strength of a buyer’s financial ability to actually complete the transaction. A pre-approval letter tells them you can in fact buy the home! This is the strongest negotiating position you can have as a buyer.
There are Several Great Reasons for getting Pre-Qualified By A Lender;
- You’ll know before hand what your payments are going to be.
- You would not need to spend time considering homes you can’t afford.
- You will have more choices before hand to help you find the perfect loan program.
- Sellers will give greater weight to your offer when your offers is accompanied by a lender’s letter of pre-qualification.
- You will enjoy increased loyalty from your agent. Buyers are not considered “serious” until they go ahead and take pre-qualification step.
There is a significant difference between pre-qualification and pre-approval. A pre-qualification basically means that, from the figures you provide, you ought to be in a position to qualify for a home loan of a particular dollar amount. A pre-approval means the same, plus the lender has confirmed and analyzed your history of credit, verified income, assets, liabilities, and origin of downpayment funds.
It is essential to help you overcome any discomfort you could possibly feel when you start to talk about your financial circumstances. For this reason, in the event you not have a partnership with a mortgage professional, we want to help you become pre-approved by introducing you to lenders whom we trust.
While you are under no obligation to use lenders we may refer you to, we have developed associations which have turned out to be reliable and competitive.
Then you will definitely a more educated consumer, able to make better decisions regarding your mortgage loan.