Getting
Pre-Approved
 Financing
a home can be a difficult process if you
are not looking for the right loan for you.
What you need to be concerned about is not
getting the financing, but getting the right
financing. You will want to look for the
best terms at the lowest cost. If you want
to review your financing options, you will
need to meet with a lender who can explain
all of the different types of loans that
you will be able to afford as well as the
program that will help you meet your goals.
Once you determine with the lender how much
you can afford, you will be able to narrow
down your housing search to specific neighborhoods.
After
you meet with your loan officer who has
reviewed your finances, the officer will
let you know what type of mortgage and what
the loan amount he thinks you can qualify
for. The lender will then provide a pre-approval
letter that shows your borrowing power.
Your
pre-approval letter is not a final commitment
for the loan, but it is a necessary step
in order to look at homes with an agent.
Some require, and some recommend it. It
shows that you will have the ability to
complete the purchase of a home. Otherwise,
agents and sellers could think you are just
wasting their time. Sellers do not want
to get into the final hours before closing
and find out that the buyer cannot get financing.
Also,
if you don’t meet in advance with
a loan officer, you could be rushed into
making a decision about your financing without
taking the time to think about what is best
for you. Once an offer is accepted by the
seller, it becomes a contract and a specific
time frame will be given to get your financing
in place. It is a strain to try and get
a lender and find a loan program once you
have already found the house that you want
to buy.
|
Taxes, CDD, HOA, and Homestead: |
 |
What
is a CDD? |
|
What
is an HOA? |
|
How
much are my Taxes?
What's a Homestead? |
©
Copyright 2008
----------------------------------------------------------------------------------------------------------------
|
