Why Getting Pre Approved For You Wenatchee Home Should Be Your First Step
Dated: 01/27/2017
Views: 1130
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: "It's highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets." One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding "your credit, debt, work history, down payment and residential history." Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Bottom Line
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.
Find Every North Central Washington Real Estate Listing at www.NCWhomes.com
Wenatchee, East Wenatchee, Chelan & Leavenworth Real Estate.
Melissa & Kent Kiser
melissa@melissakiser.com
509-668-8800
REMAX Landmark
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Search Results are Produced through the North Central Washington MLS© IDX ProgramIDX (Internet Data Exchange) is a NAR Policy that allows brokers to post local MLS data on their own Web sites.
IDX information is provided exclusively 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. The data relating to real estate for sale on this web site comes in part from the IDX program of
the North Central Washington Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this firm are marked with the Broker Reciprocity and includes the name of the listing brokers. Information is deemed reliable but not guaranteed.
This content last updated on October 22, 2019 5:37 AM. Some properties which appear for sale on this website may subsequently have sold or may no longer be available.
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