Page 7 - ABN - Buyer Guide

2020 Buyer s Guide Step 2 Continued

GETTI G PRE Q LIFIED

Ac i e B ers Ne ork and o r lending par ners recommend ha home b ers ge pre-appro ed
before selec ing a home o p rchase. Kno ing ahead of ime he amo n of loan o q alif for

can ake m ch of he m s er & g ess ork o of he home-b ing process & ma s reng hen
o r bargaining posi ion i h a seller.

Reasons o ge Pre-appro ed:

Wi h p e-app o al o can de e mine hich loan p og am be fi o need and fo hich p og am

o q alif .
Yo ill lea n he ma im m loan amo n o a e app o ed o bo o . I elimina e finding o "ideal

home" and hen di co e ing o can' affo d i .

Yo mon hl pa men can be de e mined, incl ding p incipal & in e e .
I ma al o ho o he amo n o 'll ha e o pa o a d mo gage in ance & p ope a e ,

hich in mo ca e a e added o he mon hl mo gage pa men . Thi ill allo o o b dge o

mone befo e making hi la ge in e men .
I de e mine ha he app op ia e do n pa men and clo ing co ill be.

If o feel o o ld like and can affo d a highe mo gage pa men , b a e no able o mee
q alifica ion , co-mo gago financing ma be a ailable o o .

I a e ime once o elec a home. The loan p oce i al ead nde a .

I imp o e o nego ia ion i h he elle .

Considera ions:

Mo lende g ideline eq i e homeo ne o pa no mo e han abo 30% of hei mon hl income
o a d mo gage pa men . G ideline a e calib a ed o o c edi a ing, o ho e i h good c edi can

gene all q alif fo a highe mo gage a a lo e in e e a e & con e el , bo o e i h poo c edi
ma find i diffic l o find a good a e, o o p eq alif fo he i e of he loan he an .