This is being updated. Much has changed. This was written several years ago. The days of no doc. loans are over! The system has been revised and there is more for me to cover. Call me or a Loan Officer.
MORTGAGES (Page being updated.)
In today’s ever changing mortgage market, it has become more important than ever to at a minimum be pre-qualified for a loan before making an offer to buy a property. Before you even begin your home search, it is recommended that you get in touch with a reputable lender to get your financing lined up – or that you have the necessary liquid funds to purchase. You don’t want to look at properties you cannot afford because if you to that, you will not like anything that you can afford!
In the current market all offers should at a minimum be presented with a “pre-qual” letter. If you submit an all cash offer it must be submitted with proof of funds proving to the seller that you have the necessary funds to purchase the property. No offers in today’s market today will be entertained without at least either a one or the other.
A pre-qual letter lets the seller know that you most likely can afford to buy the house. A pre-qual letter will require some initial information and possibly some documentation from you. This process takes a minimal amount of time, and can usually be accomplished within 24 hours or even less. Having the per-qual letter means the process to get a loan has begun but that obtaining a loan commitment is not assured.
There should be a Financing Contingency for approximately 30 days in the Purchase and Sale Agreement. It is normal practice to have 7 days for the buyer to submit a formal loan application.
The lender associated with Harry Norman Realtors will make sure that the Buyer has the lending product that best suits their financial situation.
There are many types of mortgages, too many to cover here. Which one you select depends on your situation, your future financial prospects, your future plans and more.
You may even want to consult with a financial advisor before making a final decision. In today’s market some loans can be real traps with future consequences you may not fully understand.
Today the credit rating is important but not all-important. Even with a good credit rating, the lenders are looking for a lot of documentation, lots of it! If you want that house and need a loan it is more important than ever before to be working with the right lender or lenders. I can guide you in the right direction to the right people who can advise you in the matter of loans and mortgages.
Call me for more information 678-982-3900.