Sarah P. Shimanski offers the following royalty-free article for you to publish online or in print. Feel free to use this article in your newsletter, website, ezine, blog, or forum. ----------- PUBLICATION GUIDELINES - You have permission to publish this article for free providing the "About the Author" box is included in its entirety. - Do not post/reprint this article in any site or publication that contains hate, violence, porn, warez, or supports illegal activity. - Do not use this article in violation of the US CAN-SPAM Act. If sent by email, this article must be delivered to opt-in subscribers only. - If you publish this article in a format that supports linking, please ensure that all URLs and email addresses are active links. - Please send a copy of the publication, or an email indicating the URL to [email protected] - DistributeYourArticles (www.DistributeYourArticles.com) has distributed this article on behalf of the author. DistributeYourArticles does not own this article, please respect the author's copyright and publication guidelines. If you do not agree to these terms, please do not use this article. ----------- Article Title: Buying A Home - Don't Let Your Pre-Qualification Letter Keep You From Your Dream Home Author: Sarah P. Shimanski Category: Buying, Mortgage, Personal Finance Word Count: 432 Keywords: buying a home Author's Email Address: [email protected] Article Source: http://www.distributeyourarticles.com ------------------ ARTICLE START ------------------
If you've had some experience going through the home buying process, you're familiar with the advice of Realtors to obtain a pre-qualification with a lender to know how much home you can afford. It seems like most sellers won't give you the time of day unless you can show proof you're a serious homebuyer. The reality is, how much home you can qualify for depends on you. There are several variables that can affect how much house you can afford. Are you able to raise your monthly income? Can you eliminate unnecessary expenses? What kind of financing alternatives are you planning to use? Can you qualify for a first time buyer program? Are there special financing bonuses the builders offering? Are you planning to use family and friends is a source of funds? Does the property you're considering have income potential? Will you be renting any rooms up? The list goes on and on. The amount of home you can qualify for hinges mostly on your answer to these questions and many others. As you search for homes, try to locate a real estate agent or loan agent experienced in negotiating and packaging complex deals. It's best you don't rely solely on standard fill-in-the blank pre-approvals or computer generated approvals. Depending on the available combination of lender and seller, there are several ways to buy a home. Pre-qualifying with a particular bank only gives a ballpark estimate of how much home you can afford when you use their financing. It can't reveal all the alternative financing options available to you. You can determine what your possibilities are only by spending time researching and negotiating all the available options. When you are pre-qualified with a bank, it shows how much you can borrow based on information you supplied. The pre-qualification won't guarantee the bank will actually make you a loan. Only a pre- approval will show a banks' willingness to loan you the money. Most lenders will pre-approve you for a certain limit-even if you haven't started looking. One main advantage of having a pre-approval letter is real estate agents and sellers will take you seriously because they'll know you won't have any problems satisfying the loan contingency. However, like pre-qualifying, there are several factors that can affect your borrowing limit such as the lender, mortgage program, interest rates, and your credit history. Be aware a particular pre-approval only provides you with a limited snapshot of your borrowing capabilities. Also your pre-approval does not guarantee you'll actually get the loan. The lender must check all of your information and verify that you and the property will fulfill other deadlines. Looking for an Orange County starter home? Then check out these Yorba Linda homes for sale at http://localyorbalindarealtors.com/yorba-linda-homes-for-sale-fixer-uppers-you-want-to-avoid/. For a listing of local Yorba Linda Realtors, visit http://www.localyorbalindarealtors.com ------------------ ARTICLE END ------------------ [Non-text portions of this message have been removed]
