Need help with financing?
We have trusted home mortgage consultants who can provide you with a pre-qualification and(or) pre-approval. If you would like for one of our preferred HMC's to get in touch with you, simply fill out the form below and we will have them reach out a "lending" hand!
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Why Get Pre-Qualified?
- Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
- While a "pre-qual" is non-bindingto the lender (because the information you provide has not been verified), it does serve as agood indication to potential sellers of your general creditworthiness.
- These days most sellers will NOTaccept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
Why Get Pre-Approved?
- Know your Budget. You don't want to look at homes that are over your budget because you will likely be disappointed if you find your dream home, just to realize that you can't afford it. Most importantly, it's financially wise to stay within your means. After all, you don't want to get yourself into a 15-30 year bad situation...
- Common Practice among Queens' Realtors. It is very common practice for Queens' Realtors to require pre-approvals in order to submit a Buyer's offer. Otherwise, a buyer can make an offer on any property, get the seller's hopes up, just to find out that they can't even afford it. This makes the Realtor look bad, so they don't typically accept offers without pre-approvals...
- A Pre-Approval is More Important than a Pre-Qualification. The reason why is because it uses your credit & other preliminary underwriting information, pretty much giving you a head start on the mortgage application process. Take my word for it, anything you can do to streamline the mortgage/buying process should be done because it will save you lots of headaches later...
- Leverage. It's no surprise that good condition homes that are priced to sell go the fastest in this market. There are many over-priced homes out there so the minute that a good deal hits the market, Buyers make their move FAST! Therefore, if you see a home that you like at the same time as another buyer, the one with a pre-approval is likely to move forward sooner because they are prepared to get the deal moving immediately.
George & Abigail Herrera
718-869-0270
718-968-5538
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