Thursday, December 20, 2012 / by Cherié Bell
Are you ready to learn the secret to saving money when buying a home in Fort Worth!
Looking at homes is fun, but when you get serious about buying a home in Fort Worth you start focusing on ways to save money in the process! At Ultima we have many secrets that will help you save money on your home purchase; here is one of the top secrets you need to know -- get Pre-Approved for a mortgage before you go home shopping.
• LENDERS have tighter requirements for todays home buyers...
• YOU want to make sure you have everything you need to ensure your home shopping experience will be fun and fruitful...
• SELLERS want assurance that they are negotiating with a buyer who has the financial credibility to make it to closing.....
To accomplish your goal of buying a home at the best price going the extra mile to get advance approval from a local lender will give you the credibility sellers are looking for AND your financial credibility will play a big role in helping to get you the best deal too!
There is quite a difference between the two types of lender mortgage letters; one is called an initial Pre-“qualification” and the other is its much-esteemed big brother, Pre-APPROVAL.
A simple pre-qualification letter can be obtained from a wide variety of home mortgage lenders, many are online and offer simple questionnaires that when completed will process your basic information and email you what is sometimes referred to as a “pre-qual letter”. Buyer beware though, the computer generated dollar-figure-answer is often inaccurate and can be far from the truth. Your best bet when seeking a to find out how much you can borrow to purchase a home is to speak personally to a local Fort Worth home mortgage lender.
Let's look at the way Realtors® and Sellers view these two mortgage loan letters.....
The Pre-qualification Letter – Getting a pre-qualification letter from a local Fort Worth mortgage lender is easy to obtain if you have decent credit and financials. You will be asked to provide the mortgage lender with some basic information about your income, debts, and overall financial situation. It is important to give the lender accurate information so they can give you a good “ballpark” amount of a loan that you might qualify to receive from them. The dollar amount you receive in your pre-aualification letter will be the maximum amount the lender MIGHT be willing to lend to you to purchase a home. The words "Ballpark" and “Might” are key words here.
The Pre-approval Letter - A Pre-Approval letter carries a great deal more leverage for you, the Buyer, with the seller once you have found the home you love and want to buy and it can help you win in negotiations! When you get Pre-APPROVED for a mortgage loan, your credit and financial situation has been more closely examined by the mortgage lender, you have completed a mortgage application and your financials are beginning to be verified. This is a very important distinction between the pre-qualification letter and the pre-approval letter. You will be asked to provide a variety of documents, such as paycheck stubs, tax records and bank statements to the lender. They will check your credit scores. The pre-approval process is more in-depth and therefore gives you, the home buyer, a much more accurate idea of how much you can truly borrow to buy a home. That's why getting this type of mortgage loan letter in advance of going home shopping is highly recommended. homes for sale grand prairie
Getting Pre-APPROVED for a home mortgage loan should be one of the first steps you take in your home-buying process. As a pre-approved home buyer you will have peace-of-mind knowing that you are looking at homes that should you choose to buy one will give you a monthly payment you are comfortable paying. All you need to do is find the right home for you and you are ready to make a strong offer as a Pre-Approved Buyer.
Sellers love getting offers from Buyers who have already been pre-approved and it puts YOU in a much stronger position to buy the home you love at the price and terms you want to pay.
To buy a home in today’s market you need the guidance and counsel of an excellent mortgage professional AND and an excellent REALTOR®. At Ultima we deliver excellence in all areas of real estate....call Ultima today at 817-405-9777 to take advantage of all the savings programs we have to offer....including our Guaranteed $5,000 Savings to you on your home purchase!
So now you know! Aren't you glad you took the time to learn the secret to saving money when buying a home in Fort Worth! It's a secret that will give you negotiating power when you find the home you love and want to make an offer on.
At Ultima you and your family are our ONLY priority!
Call Ultima Today at 817-405-9777 and let us SAVE YOU $5,000... Guaranteed on your home purchase or we will PAY YOU!