"Where Fillmore County News Comes First"
Online Edition
Thursday, May 23rd, 2013
Volume ∞ Issue ∞
- 11:44:26, May 21st 2013 - airmaxs52274 - Have you ever thought about adding a little bit more than just your a ... [Read More]
- 5:56:33, May 18th 2013 - modgudur - I guess the child is anti-gun control since Obama went to all that trouble ... [Read More]
- 9:27:41, May 16th 2013 - caal girl - Nice outfit on you. I loved some of the dresses but am holding my breath ... [Read More]
- 2:03:34, May 14th 2013 - - Thanks for sharing the trip with us! ... [Read More]
- 4:12:01, May 9th 2013 - Amanda Ziebell - Wow! Thanks to the Fillmore County Journal for this kind story. For a ... [Read More]
- 11:47:30, May 7th 2013 - EW - ramble.....ramble.....ramble..... ... [Read More]
- 10:25:25, May 7th 2013 - Thunder6 - Great article! I love to see the Youth of Fillmore County receiveing acco ... [Read More]
- 6:52:10, May 6th 2013 - Jason Sethre, Publisher of Fillmore County Journal & Olmsted County Journal - Maryh, ... [Read More]
- 7:29:56, May 5th 2013 - maryh - Where are OCJ's available for pickup...other than at the new office? ... [Read More]
- 2:41:47, May 3rd 2013 - Remark1976 - Mrs. Buckbee, I just looked up Senate File 796 and in it there are said p ... [Read More]
STEPS TO HOME OWNERSHlP - GET LOAN PREAPPROVAL
Fri, Feb 4th, 2011
Posted in Ask the Expert
Posted in Ask the Expert
Comments
BRENDA SHELDON
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 transaction to a successful closing.
FOR ALL YOUR REAL ESTATE NEEDS, PLEASE GIVE ME A CALL! 507-346-2060
BRENDA SHELDON,
507-346-2060 Spring Valley
507-424-6036 Rochester
507-951-2071 Cell
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 transaction to a successful closing.
FOR ALL YOUR REAL ESTATE NEEDS, PLEASE GIVE ME A CALL! 507-346-2060
BRENDA SHELDON,
507-346-2060 Spring Valley
507-424-6036 Rochester
507-951-2071 Cell