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Arkansas Real Estate – Forget The Rat Race
Arkansas is a state that harkens back to a more relaxed time of life in our country. If you’re tired of hearing 90 cell phones ringing, moving to Arkansas may be the answer.
Arkansas
Unlike many states, Arkansas has made a concerted effort to...
Home Mortgage
A home mortgage is worth consideration. It refers to a long-standing credit that a debtor obtains from a financial institution or from a property seller.
In common, the house is the usual collateral for the mortgage, thus the term "home...
Make A Fortune With No Money Down! Really??
They're sold on late-night TV, hawked at seminars, they sell in books, and, admit it, you've wondered about them--those programs that tell you that you can make a fortune investing in real estate with no money down. Is it true? The answer is, yes,...
Should You Try to Contract the Remodeling Job Yourself?
My immediate answer would be, probably not. The long answer would be something like this:
It depends on a number of factors. Most people who contract the job themselves are trying to save the amount of money the contractor would have grossed on...
The Basics of Solar Power For Your Home
Solar power is an alternative energy source with tremendous
economic and environmental benefits. If you're considering it
for your home, here are the basics.
Sunning Your Home
Put simply, solar power works by converting free sunlight...
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Getting Pre-Approved For A Mortgage Makes Buying Easy
Whether buying or selling a home, the real estate transaction process can be seriously stressful. Hey, no pain, no gain. Getting pre-approved for a mortgage can seriously reduce stress levels.
Lender Approval
Many people make the mistake of going house hunting without knowing exactly how a large a mortgage they can get. This leads to incredible frustration when a dream home is found, but you can’t get a loan. For some shoppers, the frustration and stress leads them to throw their arms in the air and give up on the process. While an understandable reaction, the stress and frustration can be greatly reduced by getting pre-approved for a mortgage loan.
Getting pre-approved by a lender involves going through the full mortgage application process. You are going to fill out all the forms, provide tax returns or salary verification, have your credit run and so on. The bank will do a full analysis regarding whether you are mortgage worthy. It will also lay out the specific requirements it expects you to meet including the down payment amount and the specifications your potential home must meet. To this end, the pre-approval process is always contingent on the appraised price of the prospective home and any defects found in the home inspection.
Once a lender approves you for a loan, a magical thing happens. The lender will issue a pre-approval letter. The lender letter indicates the bank has approved you for a loan, the specific amount of the loan and often how long the pre-approval will last.
The pre-approval letter is the golden egg
in the home purchasing process. It gives you a significant advantage over other people bidding on the same home. Imagine you are a seller who receives to bids within a few thousand dollars of each other. One bid has a pre-approval letter from the lender and the other does not. Which are you going to choose?
Getting pre-approved also has additional benefits. As you go through the process, the bank may alert you to problems. You can then go ahead and take the necessary steps to fix the loans. Compare this to trying to get a loan while in escrow. You are under a lot of pressure to get the loan in a thirty or sixty day period. If you fail to get the loan, you lose your good faith deposit, which is often thousands of dollars. Obviously, that is a disaster.
Whenever possible, get pre-approved for a mortgage before shopping for a home. It will save untold amounts of stress and make the buying process much easier.
About the Author: Dan Lewis is with http://www.gwhomeloans.com - San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company.
Source: www.isnare.com
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