Why you should pre-qualify for a mortgage before you start your WNY home search!
Mortgage Pre-approval Advantages
Knowledge — You will know exactly how much you can afford before you start home shopping.
Competitive advantage — Sellers and real estate agents will consider you a serious buyer.
Speeds time to closing — Since you are preapproved you can move into your dream home much faster!
Know Exactly How Much You Can Spend!
You might have an idea of the loan payment and mortgage you can afford in Western New York. Lending requirements are changing rapidly in today’s market so the bank might not agree with your thinking. Do you really want to find the absolutely perfect home only to find out you cannot get the mortgage for it?
It’s always best to pre-qualify for a mortgage so you know exactly how much you will be able to borrow. In the pre-qualification process, you will find out:
- Exactly how much home you can afford.
- Your minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
What does a Sample Letter Look Like?
Dear Mr. & Mrs. Buyer,
Congratulations! Based on the information provided to us, we have pre-qualified you for the following:
Loan Program: 30 Year Fixed Rate
Term: 360 months
Qualifying Rate: 5.750%
Estimated APR: 6.295%
Loan Amount: $107,500.00
Maximum Loan To Value: 80%
This pre-qualification should give you a general idea of your borrowing power. This is not a pre-approval and it is just an idea of what you can afford to purchase. For even better buying power, you should get pre-approved for a mortgage. This will give you better bargaining power at the time of an offer on a Western new York home.
If you are ready to take the next step please give me a call at (716) 650-0051 for a selection of Mortgage Professionals that you can work with to obtain this pre-qualification.
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The property information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.