WHY DOES MY REALTOR KEEP ASKING ME TO GET PRE-APPROVED?
The simple answer? Because you might not be pre-approved!
I promise you we are not asking this of you to be annoying! Having been in real estate for 6-7 years now, I cannot tell you how many times I've let a client slide by without an approval and it came back to bite both of us! The worst feeling for a buyer is waiting until you find a home you like to get pre-approved, then finding out you're not approved. Had we known upfront we you could have been working towards that, while window shopping for homes!
Qualifying for a loan IS NOT simple math! There are MANY factors that go into qualifying for a loan and different guidelines for different loan programs. I am going to bullet a handful of reasons why you should speak with a lender sooner than later and the common misunderstandings that home buyers don't realize when it comes to qualifying for a loan.
--> There are debt to income ratios that lenders have to abide by
--> Your credit score has to be within a certin window for specific loan programs
--> Some loans are more sought by sellers, why not get you qualified for the best loan in this competitive market?! It can improve your ability to get an offer accepted.
--> Most homebuyers aren't aware of the minimum down payment to purchase
--> Most homebuyers are not aware of how expensive closing costs are
--> Most homebuyers do not realize what it will cost them out of pocket to purchase - throwing everything off!
--> Time can can better your score, for a better rate - if we had time to boost your credit score - this can only help you!
--> Your employment history matters
--> Bankruptcies matter
--> Late payments matter
--> Collections matter
--> Debts matter
--> If you are purchasing a home with a significant other or alone matters
--> Comfortable monthly payments matter - mortgage calculators do not provide you with all of the numbers and/or calculate them correctly
--> Most homebuyers don't understand that taxes will go up after purchasing, therefore, your monthly payment calculator can be significantly incorrect
These are some of the most important reasons why! I could keep typing, but I think you get the idea! It is so so important to speak with a lender first if you are thinking about buying a home.
Qualifying for a loan IS NOT simple math! There are MANY factors that go into qualifying for a loan and different guidelines for different loan programs. I am going to bullet a handful of reasons why you should speak with a lender sooner than later and the common misunderstandings that home buyers don't realize when it comes to qualifying for a loan.
--> There are debt to income ratios that lenders have to abide by
--> Your credit score has to be within a certin window for specific loan programs
--> Some loans are more sought by sellers, why not get you qualified for the best loan in this competitive market?! It can improve your ability to get an offer accepted.
--> Most homebuyers aren't aware of the minimum down payment to purchase
--> Most homebuyers are not aware of how expensive closing costs are
--> Most homebuyers do not realize what it will cost them out of pocket to purchase - throwing everything off!
--> Time can can better your score, for a better rate - if we had time to boost your credit score - this can only help you!
--> Your employment history matters
--> Bankruptcies matter
--> Late payments matter
--> Collections matter
--> Debts matter
--> If you are purchasing a home with a significant other or alone matters
--> Comfortable monthly payments matter - mortgage calculators do not provide you with all of the numbers and/or calculate them correctly
--> Most homebuyers don't understand that taxes will go up after purchasing, therefore, your monthly payment calculator can be significantly incorrect
These are some of the most important reasons why! I could keep typing, but I think you get the idea! It is so so important to speak with a lender first if you are thinking about buying a home.
PLEASE, DON'T WAIT! LETS GET YOUR DUCKS IN A ROW - SO WE KNOW YOU ARE READY TO ACTIVELY WRITE STRONG OFFERS! iF YOU NEED A MORTGAGE LENDER CONTACT, WE CAN CONNECT YOU! JUST REACH OUT 248-764-0614 OR CHOLLIE@REALTORSINMICHIGAN.COM