Serving Buyers and Sellers in the Bay Area including Albany, Berkeley, El Cerrito, Kensington, Oakland, Rockridge, Piedmont and the surrounding San Francisco East Bay Area
DRE License #00780582
Art Work By Barbara
The Home Buying Process... Who Pays What? | Checklist for Loan Application | Components of a Mortgage Payment | The Loan Process | Shopping For A Lender | Getting Pre-Approved | The Inspection Process | Physical Inspection | Calculating Tax Savings
Most Real Estate agents and Lenders recommend that home buyers get pre-approved with a lender before selecting a home to purchase. This way you will have the best information about the right price range for your pocket book.
Reasons to get pre-approved
- It strengthens your offer to the seller. In today's market, without preapproval, many sellers will not consider your offer.
- With preapproval, you can determine which loan program best fits your need.
- You will know exactly how much you are approved for. It's no fun to find your "ideal home" and then find out you can't afford it.
- Your monthly payment will be set. This will allow you to budget your money before making this large investment.
- It shows you what the down payment and closing costs will be.
- If you are a first-time buyer, you may be able to qualify for a special first-time buyer program which may allow you to afford more home for your money.
- If you feel you would like and can afford a higher mortgage payment, but are not able to meet the lender's income qualifications, you may be able to arrange for a co-borrower or co-signer for you loan.
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