| Mortgage Related Tip: Before you
decide to make a real estate purchase, you should take time
to get properly qualified. Getting qualified means saving
time and disappointment later on when you find the ideal
property only to find out you cannot buy it because of some
financial quirk you were never made aware of. The term "pre-qualified" is thrown around
quite a bit in mortgage broker & realtor
circles and in real estate advertizing. I would like to clarify
what the true definition of being qualified really is. Being
qualified means having been through the entire
mortgage
application process. From filling out the
mortgage application
to having all your paperwork, employment, income and down
payment verified. You are
rate qualified when your
friendly mortgage agent
tells you, ok, your 100% good to go, have fun on on your search!
Just having your credit bureau looked at does not qualify you to
purchase real estate. The last thing you want to do is spend days driving around town looking for a property that you can't buy. I see it every single day. Realtor sometimes get ahead of themselves and want to show you the latest and greatest homes and buildings without even knowing if you are able to purchase. What a waste of time and money for everyone involved. Talk to reputable mortgage specialist, get properly qualified and get your rate locked in. Then, and only, should you go out looking for real estate. |
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