Why Ge PreApproved Now

Why Ge PreApproved Now

Why Get Pre-Approved?

You’re planning on buying a home within the next 6 months and you don’t know where to begin. You likely came to this site to see what kinds of homes are available within what you think your price range is. Good! Welcome! However, what you think you can afford and what lender guidelines will allow may be completely different depending on your financial details. Getting Pre-Approved means more than just knowing whether or not you can get a loan. Summit Funding in Cincinnati, as an example will work up your Pre-Approval and find out where your credit scores are as well as what your Debt To Income ratios are and help you figure out your potential budget.

If your credit scores are on the low side, they will help you fix any credit issues which can be as simply as paying a small sum down on a credit card or a more lengthy process of having things removed from your credit report which can take up to 90 days. Not all lenders will perform these tasks for you so you have to find a lender that truly wants and appreciates your business. Many big box banks are so overloaded with clients with checking and savings accounts wanting home loans, they don’t really have to try very hard to earn the business or get the loans closed for that matter. Not to mention, most have guidelines and restrictions that make it much more difficult to get a home loan from them to begin with. Another reason to get Pre-Approved is to show your real estate agent that you are a serious buyer. Many won’t spend the time and money to show homes until you have been Pre-Approved and this isn’t just them being lazy.

It’s also a safety pre-caution on their part. Someone looking to target agents for ill doings is much less likely to get pre-approved from a bank and have a record on file showing who they are in detail which is why agents are weary of cash buyers (and nowadays require proof of equity and or bank statements). Overall, getting Pre-Approved is a smart move all around and highly recommended. You may think you can only afford $800 per month in a mortgage payment but find that by refinancing your vehicle, you can free up $200 a month and now you’re in a $1,000 per month house or, you can keep searching for a house with a total payment of $800 per month and pay and additional $200 per month down on the house and build your equity!

A solid lender will work through all of this with you and make sure you are making smart financial moves. Most agents have a Trusted lender they like to work with because they trust the lender to take care of their buyers and get their deals closed. I like my clients to work with Team Denton of Summit Funding for many reasons, but most of which stem from trusting them to help my buyers with whatever is necessary to get their loan closed and the communication they offer all involved parties associated with a deal which is a big deal in and of itself.

If you are in Ohio, Kentucky or Indiana, you can call Brandon Walker at 513-322-1440 and tell them Cristen sent ya. Then call me and let’s get busy getting you into your new home!

Cristen Appleton Headshot
Phone: 513-706-2680
Dated: October 14th 2014
Views: 1,190
About Cristen: ...

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