Page 17 - TedBookBuyer2023

Phase I - Preparation:

Loan Consultation
Now that you understand a little about working with a real estate professional,
you are going to need to know your price range.

There are two ways to go about this:

Loan Pre-Qualification
• This takes into account your very basic financial status and gives you an
amount for which you may qualify.
• Can be done strictly over the phone or over the internet.
• The accuracy of your financial information is paramount..

How It Helps:
• You will know in advance exactly what the payments would be on offers you make.
• You may compare and select the best loan package unique to your needs… pressure free!
• You will be able to focus and tour homes in your specific price range, no waste of time.
• Your pre-qualified status makes your offer more favorable to the seller

Loan Pre-Approval
• Lenders will perform an extensive check on your current financial status using all pertinent
information regarding your finances.
• The lender will inform you of the amount you are eligible to borrow (depending on the type of loan).
• The extensive financial background check lets the seller know that there should be no unexpected
obstacles to you buying the home.

How It Helps:
• Having a source of secured financing makes you akin to a cash buyer from the seller’s
perspective, thus making the odds more favorable towards you during negotiations of the
offer.
• You may compare and select the best loan package unique to your needs.
• Make offers and view homes in your price range having the peace of mind that financing is
secured.
• The tightened financial market makes this a necessity in today’s real estate transactions.

Factors that Determine Your Eligibility:

• Credit Report
• Debt
To summarize how you can qualify for a home mortgage, the principal on loan,
• Assets
the interest, property taxes, and homeowner’s insurance, your total monthly
• Income
payment should equate to between 33-38% of your gross monthly income.
• Property Value
• Down Payment

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