Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731
Mortgage pre approval. Getting preapproved for a mortgage should be the first step for every serious buyer in the whole process of purchasing a new home. Many buyers actually start their journey backwards. First they search for their dream home and after months of looking and finally finding one, they go to a lender to find out they can’t qualify for the financing. Always get mortgage pre-approval before you start your search so you have a firm idea of what you can afford and don’t accidentally fall in love with a home that you can’t afford. Many times when a nice house goes on the market; it may have more than one buyer interested in it at the same time. The buyer who already has mortgage pre approval will have a lot better chance to get it than the one who does not.
Don’t accidentally get pre-qualified instead of pre-approved. There is a difference between both. If you are pre-approved that means the lender is usually prepared to give you a loan after checking your financial vitals. If the buyer is only pre-qualified that means the lender is giving that buyer only an estimation on how much that buyer could borrow without even running the buyer’s credit. It does not mean the buyer will get a loan. If your realtor presents on your behalf an offer to the seller that is supported by the pre-qualification letter from the lender which was typed on the same date as the offer was written, it will immediately create suspicions in seller’s mind that it was done over the phone at the last minute and you may hear rejection. The dream house you will be looking for can come on the market at any time. You should be prepared and ready before you start the search. Sellers love buyers who are pre-approved. Those buyers are almost always given the green light by the lenders, meaning there is less risk for the deal to fall apart at the end and the sellers will be more convinced to sign the contract with you.
Don’t affect your credit score. Keep in mind when thinking about purchasing your new home not to affect your credit score in a negative way. Banks decide whether to lend you money and what interest rate you will get based on your credit score. Before purchasing a home avoid applying for credit cards, cars or personal loans. That would bring your credit score down and may affect your ability to qualify for the mortgage especially if your credit score is right on the edge. If you want to be one step ahead of the other buyers you can actually apply for a loan first and then start your search. Your loan will already be in a process which will be even more convincing for the seller to accept your offer versus others. Mortgage pre approval.