Tuesday Home Buyer Tips

Mortgage Pre-Qualification ≠ Mortgage Pre-Approval

Mortgage Pre-Qualification is an estimate based on the verbal information you supply your loan officer of how much a lender will be willing to lend you. It is a simple process that provides an informal snapshot of your creditworthiness just to get an idea of how much you can afford to spend on a new home.
Pre-qualification is not binding, and there is no guarantee that you will, in fact, get a loan for that amount

Mortgage Pre-Approval is a formal commitment that can only be issued by an underwriter. It requires formal application and a thorough examination of your financial situation by the underwriter and confirms in writing how big a house you can afford to buy and how much money you can borrow to buy it.
By going through the formal process of obtaining Mortgage Pre-Approval, before you start house hunting, you’ll show sellers that you are qualified and serious about buying their home.

Reach out to Me to discuss the right mortgage option for your family and to take advantage of my FREE Jump Start Mortgage Pre-Approval service.

https://mortgagemarketdigest.wordpress.com/2018/06/18/mortgage-pre-qualification-vs-pre-approval-they-are-not-the-same/

https://mortgagemarketdigest.wordpress.com/2013/03/12/whats-the-difference-between-mortgage-pre-qualification-and-mortgage-pre-approval/

 

 

 

 

3 Most Important Aspects of Real Estate for First Home Buyers is Location, Location, Location

When shopping for your First Home, few families will compromise on Location. Have you heard Real Estate Agents refer to the saying, “The three most important aspects of real estate are: Location, Location, Location”?

That’s because it is vital to ensure a property is in the most desirable location for the type of property it is and your lifestyle.You can make improvements to the house like getting new appliances in the kitchen, remodel the bathroom or get a new roof.  You can even go to extremes and knock the whole house down and build a new one, however, you cannot change its location.

So the question remains: What determines if a property is in a desirable location?

An appealing location will have several components, one of which is the neighborhood. If the neighborhood is unpleasant with noisy and problematic neighbors, then most people will not want to live there. The design of the neighborhood is also relevant. Is it near a busy street, or are the houses too close together? Here are some other factors to consider.

City vs. Suburb vs. Rural   The setting you choose within the city or town you select will affect the amount of peace and quiet you have, lot size, education options for your children, proximity to shopping, entertainment, medical services and anything else you might want or need, and more.

Affordability   Another component that makes a location desirable is the overall affordability of homes within a neighborhood. A homeowner’s budget is a very relevant part of the home buying process, and some may choose to live in a less convenient location because of price.

So be sure you talk to a mortgage professional first and get Mortgage Pre-Approval before you go shopping for your First Home.

School District   If you have or are planning to have kids, it may be a good idea to consider the quality of neighborhood schools when choosing your location in order to maximize your investment.

Commuting Distance   The distance to the job is another component that determines a desirable location. The extra hassle of spending extra hours and gas money commuting to a job everyday multiplied by the amount of years you’ll spend in the home may not be worth it.worth it.

Safety   For most people, the crime rate is a top consideration. In my quiet neighborhood, the fire hydrant in less than 100 yards away and I know from experience that first responders will be at my door less than 5 minutes from my 911 call.

Proximity to Friends, Family   Your dream home may not feel homey if you live too far away from your friends and can’t see your family on a regular basis. On the other hand, your friends and family might end up moving at some point, so make sure this isn’t your only reason for choosing a location.

Proximity to Leisure Activities   What do you enjoy doing in your free time? If your favorite thing to do is stay home, you might have more choices available to you when it comes to this aspect of choosing your location.

Overall, buying a home is a very large investment, so you want to make a well-informed decision. Having a responsible and reliable real estate agent will help advise you on the pros and cons of any home you are considering buying. Just remember, Location, Location, Location.