20160913-share-stm

In many markets across the country, the amount of buyers searching for their dream homes greatly outnumbers the amount 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.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“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. Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. 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.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

There are many options for helping a prospective buyer with help getting the down payment together. As a buyer agent we can as the seller for closing costs. Its a little bit tougher in a sellers market but still possible.Please click here to contact us and see if this option might work for you.
There are also many federal, state, county and city programs that we know of that could also get you potentially free money. Click here if you would like to find out more about these programs. Click here to be directed to a website that will give you more information on down payment assistance programs.

 

Selling a home

Here are some reports on systems that we use to help a homeowner get up to 18% more when they sell with us:

Get our Maximum Payoff Guide for Sellers as seen on Amazon.com FREE

Get our “90 Things you must not Neglect when selling your home” report FREE

or go to http://wesellhomesformore.com/ for more information on our selling process and why we sell for more.

Curious about what your home is worth goto http://www.socalhomevaluenow.com/ and find out instantly. This will give you a rough estimate on what your home is worth. For an accurate home value contact me directly for a free home value assessment.

Buying a home

If you are looking to buy a home whether its your 1st or 20th its important to choose the right agent. This decision could cost your thousands of dollars! Go to www.why-buy-with-us.com and see how we can help you!

Search for a home

Temecula | Murrieta | Menifee | Wildomar | Lake Elsinore | French Valley | Hemet | San Jacinto | Perris | Moreno Valley