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STEPS TO HOME OWNERSHlP - GET LOAN PREAPPROVAL


Fri, Feb 4th, 2011
Posted in Ask the Expert

STEPS TO HOME OWNERSHlP - GET LOAN PREAPPROVAL Few people can buy a home for cash. According to the National Association for Realtors (NAR) nearly 9 out of 10 buyers finance their home which means that virtually all buyers, especially first-time home buyers, required a loan. The real issue with real estate financing is getting the loan that's right for you - the mortgage with the lower cost and best terms.

 Realtors routinely suggest that the buyers start the mortgage process well before making an offer on a home. We recommend preapprovals for another reason: Purchase forms require buyers to apply for financing within a given time period, in many cases, 7-10 days. By meeting with the loan officers in advance and identifying mortgage programs, it won't be necessary to quickly find a lender, check credit, and rush into a financing decision that may not be the best option.

 WHAT IS IT? "Preapproval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a preapproval letter, which shows your borrowing power. You can visit as many lenders as you like and get several preapprovals, but keep in mind that each one carries with it a new credit check, which will show up on future credit reports.

 Although not a final loan commitment, the preapproval letter can be shown to listing brokers when bidding on a home. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. This information is important to owners since they do not want to accept an offer that is likely to fall through because financing can not be obtained. Your realtor may suggest one or more lenders with a history of offering competitive programs and delivering promised rates and terms.

 Your loan officer will carefully review your financial situation, including your credit report and other information. The lender will suggest programs which most-closely meet your needs.

 Having met with your loan officer to get your preapproval process started is proactive when purchasing a home. It also helps you and your realtor determine what price range of homes you should be considering for purchase. Once an offer has been made on a home your lender and realtor will work closely with you to bring the transactio .....
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Will the death tax kill me?

Fri, Feb 4th, 2011
Posted in Ask the Expert

As part of the 2010 Tax Cut Compromise, the President and Congress agreed to put some certainty back into estate planning. The federal estate tax exemption increased over the past few years, with a full repeal of the tax in 2010. However, a sunset pr ..... 
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How often do I really need to have my wheels aligned?

Fri, Feb 4th, 2011
Posted in Ask the Expert

Once, if the wheels on your vehicle are correctly aligned when the vehicle is manufactured at the factory. They should not change alignment until something in the suspension wears out or is damaged. Alignment doesn't change. The only thing that chang ..... 
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What is "Heaves" and is my horse at risk?

Fri, Feb 4th, 2011
Posted in Ask the Expert

Chronic obstructive pulmonary disease, commonly known as heaves, is an allergic disease similar to human asthma. Heaves is caused by exposure to dust, molds, & pollens in the air. Hay, straw, bedding and barn dust are the most common substances that ..... 
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What are the Benefits of Massage?  

Fri, Feb 4th, 2011
Posted in Ask the Expert

Massage has been recognized for its health enhancing effects. It is a hands on therapy used to soothe aches and pains and to facilitate the body's own healing process. Massage is used from infancy to old age, and has been found to enhance general hea ..... 
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How can I lower my Home and Auto Insurance?

Fri, Feb 4th, 2011
Posted in Ask the Expert

One of the best ways is to "package" your policies with the same company. With most companies you can get a multipolicy discount by having the home, auto, umbrella and even life all together. Raising your deductibles is another way. The standards fro ..... 
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I will be putting my baby into day care. Do day care providers allow cloth diapers?

Fri, Feb 4th, 2011
Posted in Ask the Expert

The great news is that an increasing number of day cares are accepting cloth diapers. According to Minnesota day care regulations under 9502.0435 SANITATION AND HEALTH, when using cloth diapers, "If cloth diapers are used, parents must provide a chan ..... 
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Cold Weather Problem  

Fri, Feb 4th, 2011
Posted in Ask the Expert

Is everyone as tired of the snow and cold as I am? This winter is going to go down as one of the snowiest. Has your car been getting around like it should? Is it even starting? One of the joys of car ownership is, should I spend money on my car or pu ..... 
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