Obtaining a mortgage can be a long, drawn out process. A mortgage pre-approval will help:
avoid disappointment in the event you do not qualify for a loan or qualify for the amount you want or need to buy a specific home.
A mortgage pre-approval will be based on your loan application, three credit reports and income verification. Before you shop for a mortgage pre-approval, review your own credit history and determine what you believe you can comfortably afford to pay for housing including taxes and insurance.
Check your own credit report for any potential problem areas. Your ability to get a loan and the interest rate you pay will be directly impacted by your credit score.
Federal law entitles you to one free credit report in a 12-month period from each major credit reporting agency. You can easily obtain your free report at www.annualcreditreport.com. It's best to do this before you seek a mortgage pre-approval so you can dispute any errors. You can also call the three major nationwide consumer credit reporting companies for your free report:
Real estate experts tell first-time home buyers that it's critical to apply for a mortgage pre-approval.
Mortgage Pre-approval vs. Mortgage Pre-Qualifications
Don't be confused by the terms "mortgage pre-approval" and "mortgage pre-qualification." A mortgage pre-qualification is the first step to getting a mortgage pre-approval, but it is by no means the last step. It is no guarantee you will get a mortgage pre-approval.
A mortgage pre-qualification involves giving your Arizona mortgage lender the big financial picture of your life. This can be done over the telephone, or on the Internet, but it does not usually require any application fee or require you to substantiate income and expense claims. At this time, the lender will determine how much you are most likely to be able to afford for a house payment. This will also help you to determine the price range in which you should shop for houses.
A mortgage pre-approval is a more formal process that will require some fees including an application fee and a credit report fee. You'll be asked to provide documents to verify employment or other forms of income. The mortgage lender working on the mortgage pre-approval will pull your credit reports and review your credit history. A mortgage pre-approval is a better guarantee of your eligibility than a mortgage pre-qualification.
Bargaining Power Comes with a Mortgage Pre-Approval
Would-be buyers have been disappointed many times when they find the perfect house, only to find they do not qualify for a loan. Many home sellers have been sorely disappointed too. Sellers are wary of lookey-loos who can't really qualify to purchase their property. A mortgage pre-approval will give you bargaining power. If you can lay your mortgage pre-approval out on the table, sellers are more likely to bargain with you.
My name is Jamey Thorley, with Solutions Real Estate in Gilbert, Arizona. I have a vast network of lenders and other real estate transaction support services in the Gilbert, Arizona area.
My preferred lender is Nova Home Loans. Let me introduce you to these mortgage experts.
~.~.~.~.~.~.~.
©This article originally written by Your Content Queen - Quality Copy that Rules! www.yourcontentqueen.com
“In general, an earnest money deposit should be less than 2 percent of the total purchase price.”
You have found the perfect home in Gilbert, AZ! You're ready to buy. But the seller has had many interested home buyers so he or she requires an earnest money deposit. An earnest money deposit is (or should be) a part of any formal real estate purchase contract (REPC).
When a formal offer to purchase a home is made, it should be accompanied by an earnest money deposit check. The earnest money deposit helps build trust between the buyer and seller and assures both parties are acting in good faith or are "earnest." In general, an earnest money deposit should be less than 2 percent of the total purchase price. It is important for the buyer to demonstrate a sincere intent to purchase with an earnest money deposit. It is also important to protect the buyer. An earnest money deposit paid by check may require documentation from the bank that the check will or has cleared.
When a buyer and seller agree on the terms of a real estate sale, an earnest money deposit is most often placed in an escrow account. When a property sale closes, the earnest money deposit is usually applied to the buyer's down payment and closing costs, or just deducted from the total proceeds the buyer has to bring to the closing.
An earnest money deposit is a type of insurance until the sale is completed or cancelled. Ask your Solutions Real Estate associate, Jamie Thorley, to explain to you under what conditions the buyer must forfeit an earnest money deposit to the seller. In some cases, an earnest money deposit is returned in full to the buyer. The original REPC should spell out the conditions under which all or part of an earnest money deposit should be returned.
Need more information? Jamie Thorley, Solutions Real Estate will explain this and other real estate terms in detail. Contact Jamie Thorley today at www.liveingilbert.com. Jamie specializes in helping home buyers make sound purchases in the Gilbert, Arizona Phoenix Metro Southeast Valley!
~.~.~.~.~.~.~.
Quality real estate content provided by Your Content Queen—Quality Copy that Rules ! www.yourcontentqueen.com
Once you’ve made an offer on the existing home of your dreams and the seller has accepted, it’s time to get a home inspection. A home inspection can help you avoid any nasty surprises after closing a loan.
Most mortgage lenders require a home inspection before releasing loan proceeds. In some cases, a home inspection will reveal serious problems that must be corrected before the loan process can be completed. A home inspection is in the buyer’s best interest.
I’m Jamie Thorley with Solutions Real Estate in Gilbert, Arizona. I specialize in representing home buyers and for the buyer, my services are absolutely free! I’ll be happy to help you locate an experienced, licensed home inspector to complete a comprehensive home inspection.
A home inspection should include the most common problem areas known to creep up in a home or on surrounding property. Your home inspection should include all of the following that apply to the property you want to purchase:
A home inspection will help you and your lender identify problems with the home you want to purchase. Based on a home inspection report, you will be able to rest easy knowing the home you are purchasing is up to par. Or, based on a home inspection you will be able to anticipate the cost of repairs needed to bring the home up to your standards and your lender’s standards.
Looking for a home in Gilbert, Arizona? Contact me today.
~.~.~.~.~.~.~.~.~
Quality real estate content provided by Your Content Queen—Quality Copy that Rules ! www.yourcontentqueen.com
A slow economy doesn’t seem to have stunted growth and development in Gilbert, AZ. In fact, there are some really great subdivisions adding brand new neighborhoods throughout the town of Gilbert in the Phoenix Metro Southeast Valley.
I am so impressed by Lyon’s Gate, a community built by William Lyon Homes and MeritageHomes. This master-planned community is absolutely beautiful and you won’t believe the amazing amenities there.
It IS Easy Being Green
One of the features with which I am most impressed at Lyon’s Gate is the developers’ commitment to energy efficiency, water conservation, sustainability and green building practices. We’re seeing more and more green development in Gilbert, AZ. I have to applaud—no, give a standing ovation to--developers and builders embracing environmentally conscientious practices.
Lyon’s Gate is the only new home community in the nation with included energy efficient technology with no cost to the home buyer. Lyon’s Gate MeritageHomes projects will incorporate advanced building science practices like:
• Included Solar System
• Included Super-high Performance Windows
• Included Spray Foam Insulation • Included High Efficiency Lighting • Included Weather Sensing Irrigation
• Included Low water use fixtures
• Included 14 Seer Air Conditioning Unit
William Lyon Homes is committed to the same type of high-quality energy efficiency for this green-living community. Amazing! Lyon’s Gate offers:
• landscaped open areas
• sport courts
• tot lots
• community center with a pool house
• much more
There are two new neighborhoods at Lyon’s Gate including:
• Acacia • Pride
Pride at Lyon’s Gate offers four floorplans ranging from 1,461 to 1,884 square feet. Courtyard floorplans are designed for low maintenance living and ultra convenience. Prices start at $123,400.
Acacia at Lyon’s Gate in Gilbert, AZ is designed for people who work and play hard. You’re going to love the:
• Flexible floorplans
• Friendly front porches
• Large kitchens
• Spacious living areas
• Low-maintenance yards
These new homes in Gilbert, AZ feature unique architectural designs with elegant front elevations. Homes in Acacia start in the $180,000s.
Buyers Need Professional Representation
Listen, I specialize in helping people buy Gilbert, Arizona homes. Your seller will have a professional Realtor’s® representation. Shouldn’t you? Contact me today to preview brand new construction at Lyon’s Gate in Gilbert, Arizona.
Ready to Search for Your New Gilbert, AZ Home?
You have access to the real Arizona MLS (the same one I use) through my website 24/7.
~.~.~.~.~.~.~.
Jamie Thorley with Solutions Real Estate specializes in assisting buyers in purchasing real estate in the Phoenix Metro Southeast Valley.
 |
|
|
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
