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Why Pre-Approval Is Critical to Any Home Search

 
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Manage episode 184807861 series 1331864
Inhalt bereitgestellt von Andy Richardson. Alle Podcast-Inhalte, einschließlich Episoden, Grafiken und Podcast-Beschreibungen, werden direkt von Andy Richardson oder seinem Podcast-Plattformpartner hochgeladen und bereitgestellt. Wenn Sie glauben, dass jemand Ihr urheberrechtlich geschütztes Werk ohne Ihre Erlaubnis nutzt, können Sie dem hier beschriebenen Verfahren folgen https://de.player.fm/legal.
Today I’m here to tell you about why getting pre-approved is so important as well as what lenders will look at when you go to do so.

Want to buy a Wilmington Home? Search all homes for sale.


In any real estate purchase, pre-approval should be one of the first steps you take.
Here in Wilmington, we’re currently experiencing a trend that is common throughout the country—the number of buyers is outweighing the number of available properties. Getting a pre-approval for a mortgage will give you not only a starting point in terms of what to search for, but it will also show the seller that you’re serious. In fact, most sellers won’t even consider an offer without an attached pre-approval letter.
Pre-approval will make you and your offer stronger from the very start.
So what does a lender look at when you go to get pre-approved? We can break the factors down into Freddie Mac’s four C’s. The first C stands for “capacity,” which denotes a buyer’s ability to pay the monthly mortgage.

Pre-approval will make you and your offer stronger from the very start.
The next C is your credit score. This number will help indicate to the lender how diligently you’ve paid your debts in the past.
Next are capital or cash reserves. A lender will look at sources from which you can draw money, such as savings accounts or investments, to have a better understanding of how stable your finances are.
Finally, the last C stands for “collateral.” Collateral depends upon the property you’re purchasing, which will also affect the appraisal.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
  continue reading

23 Episoden

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iconTeilen
 
Manage episode 184807861 series 1331864
Inhalt bereitgestellt von Andy Richardson. Alle Podcast-Inhalte, einschließlich Episoden, Grafiken und Podcast-Beschreibungen, werden direkt von Andy Richardson oder seinem Podcast-Plattformpartner hochgeladen und bereitgestellt. Wenn Sie glauben, dass jemand Ihr urheberrechtlich geschütztes Werk ohne Ihre Erlaubnis nutzt, können Sie dem hier beschriebenen Verfahren folgen https://de.player.fm/legal.
Today I’m here to tell you about why getting pre-approved is so important as well as what lenders will look at when you go to do so.

Want to buy a Wilmington Home? Search all homes for sale.


In any real estate purchase, pre-approval should be one of the first steps you take.
Here in Wilmington, we’re currently experiencing a trend that is common throughout the country—the number of buyers is outweighing the number of available properties. Getting a pre-approval for a mortgage will give you not only a starting point in terms of what to search for, but it will also show the seller that you’re serious. In fact, most sellers won’t even consider an offer without an attached pre-approval letter.
Pre-approval will make you and your offer stronger from the very start.
So what does a lender look at when you go to get pre-approved? We can break the factors down into Freddie Mac’s four C’s. The first C stands for “capacity,” which denotes a buyer’s ability to pay the monthly mortgage.

Pre-approval will make you and your offer stronger from the very start.
The next C is your credit score. This number will help indicate to the lender how diligently you’ve paid your debts in the past.
Next are capital or cash reserves. A lender will look at sources from which you can draw money, such as savings accounts or investments, to have a better understanding of how stable your finances are.
Finally, the last C stands for “collateral.” Collateral depends upon the property you’re purchasing, which will also affect the appraisal.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
  continue reading

23 Episoden

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