Denver Estate Real
In today's housing market, more and more people are having a difficult time finding financing for their home. Banks have tightened their lending standards, forcing even those with good credit to scramble in order to secure their twenty percent down payment for their new property. Most importantly, sellers are becoming reluctant to deal with any potential buyers unless they are pre-qualified for a loan.
Denver Estate Real
Getting pre-qualified for a loan is not a difficult process. It's not as time consuming as filling out the actual loan paperwork. What it does, though, is allows the bank to run through your credit history to see if any disqualifying events exist. Also, it allows the bank to see how much income you have versus your current debt load.
Denver Estate Real
Once these two criteria have been satisfied to the banks satisfaction, the lending institution will typically tell you how much of a loan you pre-qualify for. Then, as you begin looking for a new home, you can keep this figure in mind to help you guide your selection process.
Denver Estate Real
Most importantly, when you find a home for an amount which you pre-qualify, you can use your pre-qualification status as a negotiation tool! Sellers who see that you are pre-qualified are much more likely to enter into meaningful negotiations when they know your loan approval is not in jeopardy. In today's market, many sellers have been taken to the edge of a sale, only to have the buyers back out when they couldn't get a loan. Imagine the frustration...
Take the time to get pre-qualified today! It only takes about an hour, and it will save you time and money throughout your real estate sales process.
Good luck!
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