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WHY
YOU SHOULD GET PRE-QUALIFIED
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FOR A MORTGAGE
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| Pre-qualification is a free service. Most home
sellers will consider you a serious buyer if you have been
pre-qualified. Pre-qualification
eliminates a major contingency for the seller. Pre-qualification means that,
if everything you submitted to your loan officer is true, you can buy a
home up to the limit of your pre-qualification. Getting Pre-approved
is even stronger. Pre-approval means that you are
guaranteed a loan up to "x" amount if the house appraises. You benefit by being able to acquire the
home of your choice. |
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| Put
yourself in the sellers' shoes. Two buyers are interested in buying your
property. One has a piece of paper that says he/she is qualified to buy
your property. The other is offering a slightly higher price ($1,000 to
$5,000), but the offer is predicated on obtaining loan approval. Once a
seller enters into a "Purchase and Sales Agreement" the property
cannot be sold to another party as long as the conditions of the contract
are met. If
the sale is not completed because the buyer could not get loan
approval, the
seller has lost valuable time and the
house has to be marketed again. In the meantime, other, qualified buyers may have been lost.
A Buyer's Agent will point out the length of time
the house has been on the market and every buyers will wonder why nobody else
wanted the home. Typically the price received for a property declines in
direct proportion to the length of time it stays on the market. |
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| The
average price of homes has escalated to a level where a few thousand
dollars is seldom the reason one offer is accepted over another. Most
sellers are motivated by a desire to return to a normal life. The
strongest buyer usually gets the house. |
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| Any Realtor listed on this site can provide you with the
names of two or three lenders who will gladly pre-qualify you. You are not
required to use a local lender, but it is to your advantage to use someone
who knows the area. The title company or closing attorney must work
closely with the lender who must contract the services of a local
appraiser. Every closing has some last minute emergency due to an
oversight. When all parties are local problems are much easier to resolve
insuring a smooth and timely closing. |