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Additional Article Information: =============================== 322 Words; formatted to 65 Characters per Line Distribution Date and Time: 2007-01-18 10:00:00 Written By: Clint Wooley Copyright: 2007 Contact Email: mailto:[EMAIL PROTECTED] For more free-reprint articles by Clint Wooley, please visit: http://thePhantomWriters.com/free_content/d/index.shtml#Clint_Wooley ============================================= Special Notice For Publishers and Webmasters: ============================================= If you use this article on your website or in your ezine, We Want To Know About It. Use the following URL to let us know where you have used this article, and we will include a link to your website on thePhantomWriters.com: http://thephantomwriters.com/notify.php?id=4172&p=load HTML Copy-and-Paste and TEXT Copy-and-Paste Versions Of Article Are Available at: http://thePhantomWriters.com/free_content/db/w/reasons-to-be-pre-approved.shtml#get_code --------------------------------------------------------------------- Reasons to Be Pre-approved Copyright (c) 2007 Clint Wooley HomeMax http://www.homemax.org When you apply for a mortgage prior to finding a property, your lender can "pre-approve" your financing based on your credit, income, and asset documents. It is important that you make sure that your credit file has been underwritten, not simply "pre-qualified." With a pre-approval, your lender is stating that they have reviewed your credit, verified your income and assets required for the financing, and the only conditions that could become an issue pertain to the property. Typically, your lender will issue a pre-approval up to a maximum amount based on the program and terms you qualify for. Having a pre-approval in hand will aid you in several ways: 1. Negotiation -You will have better negotiating power due to the "cash" factor. The seller's agent will advise the seller that your offer is not likely to tie up their home for weeks only to fall through due to a loan declination. 2. Confidence - Being pre-approved will let you know what your rate and terms are, so you will know exactly (with the help of your Realtor) what your down-payment and monthly payment will be when negotiating for your new home. 3. Speed -Being pre-approved means much of your mortgage file is already complete and has been reviewed by an underwriter. In some cases this means you might be able to close very quickly after placing a property under contract. Sellers and agents appreciate this, and will sometimes make concessions because of it. Waiting until after finding a property to apply for a mortgage loan can cause delays in closing, raise doubts and fears about your ability to buy in the sellers and agents mind, and can cause an embarrassing situation in the event you are declined or unable to qualify for the amount you are seeking. Pre-approvals are important to everyone involved. The seller, both agents, and you, the buyer all benefit. Talk to a lender before starting your home search. --------------------------------------------------------------------- Clint Wooley is co-owner of Sunscape Rentals and Sales, and HomeMax.org, a helpful source for information, tips and articles for first time home buyers. HomeMax offers free Realtor referrals and Lender referrals. HomeMax Case Managers will help guide you through the home buying process. http://www.homemax.org --- END ARTICLE --- Get HTML or TEXT Copy-and-Paste Versions Of This Article at: http://thePhantomWriters.com/free_content/db/w/reasons-to-be-pre-approved.shtml#get_code ..................................... TERMS OF REPRINT - Publication Rules (Last Updated: May 11, 2006) Our TERMS OF REPRINT are fully enforcable under the terms of: The Digital Millennium Copyright Act http://thomas.loc.gov/cgi-bin/query/z?c105:H.R.2281.ENR: ..................................... *** Digital Reprint Rights *** * If you publish this article in a website/forum/blog, You Must Set All URL's or Mailto Addresses in the body of the article AND in the Author's Resource Box as Hyperlinks (clickable links). * Links must remain in the form that we published them. 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The content of this article is solely the property and opinion of its author, Clint Wooley http://www.homemax.org --------------------------------------------------------------------- XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX ---------------------------------------------------------------------
