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Buying a Home - Take the Next Step

Now that you've decided that you want to buy a home. Why not take the next step, prior to starting your Home search? Determine how much house you can afford!

Get pre-approved for a home mortgage loan.

Not only will you know your housing budget to the dollar before you start looking for a home, you'll also have more negotiating leverage because the seller knows you've already got a loan virtually in your pocket.

Gain the buying edge
The advantages of pre-qualification and pre-approval are two-fold: you're more attractive to sellers, who needn't worry that they'll accept your offer only to have your loan turned down, and you'll save time to closing when you find a home because the lender will have already completed the necessary qualifying and underwriting steps.

How to Get Preapproved for a Home Loan
Having a preapproved loan will put you at the top of the list when presenting an offer.

Steps:
  1. Contact a Mortgage Company - I recommend Jeff St. Clair with 1st Mariner Mortgage - Mobile: (410) 977-6939

  2. Select a loan program that best suits your personal and financial needs. Consider such things as how long you plan on living in a home or if your income will be increasing significantly in the coming years.

  3. Provide the lender with the copies of the following information: most recent two years' W-2 forms; most recent month's pay stubs; the last two years' federal tax returns; your purchase agreement (if you already have it); profit and loss statements (if you're self-employed); most recent two years' corporate returns (if you own a corporation); your last three months' bank statements on all accounts (to verify down payment); bankruptcy papers (if applicable); and a completed loan application.

  4. The loan process from start to loan approval for a typical loan transaction can take awhile, depending on the particulars of your transaction and your lender.
Tips:
  • The lender may ask you to provide further information such as additional bank statements, pay stubs and other documents, especially if you're self-employed or have an unusual situation.
  • If you're divorced, the lender may need to see a copy of your divorce papers.
  • Should your financial circumstances change before closing, make sure to contact your lender, as your pre-qualification or pre-approval status may no longer be valid.

If you are considering making a move, I can provide a FREE Comparative Market Analysis (CMA), I will research and prepare one based on properties which have recently sold in your area.
Get Your House Value

Searching for a home in Maryland, my FREE Home Search Wizard will automatically e-mail you daily any listings that meet your search criteria.
Maryland Home Search Wizard

Please visit my Maryland Real Estate website if you would like further information.

Sincerely,

Phill Cross, e-PRO, REALTOR®
RE/MAX 1st Advantage

(410) 882-6000 Office
(443) 677-7114 Cell

http://www.md-re.com/

Serving Buyers & Sellers in the
Greater Baltimore Metropolitan Area

Posted Tuesday Apr 10