"Where Fillmore County News Comes First"
Online Edition
Tuesday, June 18th, 2013
Volume ∞ Issue ∞
- 7:10:46, Jun 13th 2013 - chipperlee - Seems to be a well written article, except maybe Silica Sand is used in ... [Read More]
- 12:02:15, Jun 9th 2013 - getthefacts - The problem here lies in the fact that girls were repeatedly told "if y ... [Read More]
- 10:45:32, Jun 7th 2013 - Jo mom for 6yrs - Mr. Ehler hit the nail on the head. I agree with the religious con ... [Read More]
- 2:47:58, Jun 7th 2013 - hello - Hello, it's time you wake up. There isn't a community nearby that doesn't offe ... [Read More]
- 9:06:21, Jun 6th 2013 - hello - Hello, it's time you wake up. There isn't a community nearby that doesn't offe ... [Read More]
- 2:05:29, Jun 6th 2013 - Kim Wentworth - The number one rule in a debate: 1) if the person from the opposite si ... [Read More]
- 12:42:18, Jun 4th 2013 - EW - For someone that is always spouting religious rhetoric, you try to come off as a ... [Read More]
- 11:32:18, May 31st 2013 - JO PLAYER - This is unfair to us girls. Morrie Miller is not getting canceled but J ... [Read More]
- 8:25:34, May 29th 2013 - RP - Why is Mr. Ehler involving himself with non-school activities? Is he going after ... [Read More]
- 6:40:49, May 29th 2013 - Doc - You are a cartoon character! If I see you in person I will burst out laughing. ... [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