Found 3 blog entries tagged as pre qual.

Buying a home can be long drawn out and stressful process. It is important to surround yourself with true professionals. Among these professionals are a real estate broker, an attorney, a home inspector and a mortgage broker.

Your first stop aside from maybe sitting with a real estate broker to make sure you feel comfortable and "hit it off" is to contact a mortgage broker to learn or verify your true buying power. Many naive buyers look at homes first and then worry about buying power. Wrong! Aside from not wasting your time, seller's time and real estate agents time - a buyer needs to pre qual from a reputable banking institution for various reasons:

  • You need to know true buying power
  • You need to know the monthly cost or expected budget

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By Timmy Rail of Citybrook Corp.  NMLS•: 12812

Some important tips that first-time homebuyers should be aware of as this year's "Spring­ Buying Season" approaches:

  • Your credit profile is made up of 3 scores from the 3 main credit bureaus, Equifax, Experian and TransUnion; lenders will use your middle (average) credit score
  • A huge part of getting "pre-qualified" is to take an early look at your credit scores and credit profile, in-case there are errors or items on your report that you can "clean-up" before you find homes you like and want to put an offer on
  • Lenders generally take your "unreimbursed employee expenses," found on the "Schedule A" of your tax return (generally, page 3, line 21), off the top of your gross income (these may be…

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Buying a home can be a long drawn out and stressful process. It is so important to surround yourself with true professionals. Among these professionals are a real estate broker, an attorney, a home inspector and a mortgage broker.

Your first stop aside from maybe sitting with a real estate broker to make sure you feel comfortable and “hit it off” is to contact a mortgage broker to learn or verify your true buying power. Many naïve buyers look at homes first and then worry about buying power. Wrong! Aside from not wasting your time, seller’s time and real estate agents time, a buyer needs a pre qual from a reputable banking institution for various reasons:

• You need to know true buying power
• You need to know the monthly cost or expected budget
• If…

2400 Views, 0 Comments