If you are thinking about buying a new home in the Greater Raleigh Area, you may already be searching online to get a feel for the different types of homes available here. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford.While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect new house or condo. When I sit down with new client, one of the very first things I ask is "have you talked with a lender?" I would never want for someone to fall in love with a home only to discover that they couldn't afford it or they couldn't get the financing that they wanted to buy it.
The Importance of a Pre-Approval Letter
A mortgage pre-approval letter is issued to a loan applicant after he or she has passed through a preliminary credit review process. Most of these letters state that the individual is pre-qualified for a property with a maximum sales price, and it is contingent on the loan applicant providing supporting documentation, such as tax returns and bank statements.
This letter gives you a better idea about what it will take for you to get final loan approval and what loan amount you may qualify for. The letter is also provided to a seller, and it gives the seller the confidence that comes with knowing that you are a qualified buyer. When a seller has an offer from a buyer with a letter and another offer from one without a letter, there is a good chance that the seller will opt for a buyer who is already pre-qualified for financing.
How to Get Your Pre-Approval Letter
As you can see, there are several reasons why it is important to get pre-qualified for your mortgage financing. Getting a pre-approval is generally a straightforward process, but it can seem intimidating. You will need to complete a loan application, and this may be done in person or online with a lender or mortgage company. You will also need to sign an authorization for the lender to pull your credit report. After taking these steps, you typically will be able to receive a pre-approval letter within a day or two.
When you have plans to purchase a new home, you likely will need to apply for financing in order to complete your plans. Getting a pre-approval letter up-front can help you in a number of ways, and you can easily take the steps necessary to get pre-approved for your mortgage. Simply contact a mortgage company or lender today to get started with the process. If you'd like some suggestions on who to talk to, give me a call.
In the current market in the greater Raleigh area, inventory is very low and buyers don't have time to waste if they find the right home. I have seen it all too often that buyers find the home they want, then have to wait several days to get the preapproval they need from the bank and in that waiting, another buyer comes along that was already approved for a loan and they get the home. This is the biggest purchase of your life. Is it worth it to plan ahead?
Author:Johnathan Stroud Phone: 919-443-0200 Dated: June 13th 2015 Views: 605 About Johnathan: Johnathan is a native of North Carolina and currently lives in North Raleigh. His ambitious and goal...
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When it comes to providing the utmost in personal service to his clients, Peter Kima is on the cutting edge. This family man's demanding work ethic was passed on from his parents. His mother, a first generation German-American, forged a new life in a strange country. His father, who has not missed a day of work since 1972, led by example. Peter does not rest until he's done everything in his power to help you achieve your goals. As a husband and a father, his understanding of the importance of a family's home is reflected in his every move.
When Peter is not helping one of his clients, he can be found volunteering his time running a charity Lobster Bingo event, cooking burgers at the local Fire Station to benefit the children in the community, delivering dictionaries to every 3rd grade student in Wake County with his Kiwanis Club, collecting school supplies for the needy, or ringing the bell for the Salvation Army. His favorite pastime, however, is spending time with his wife, Jennifer, and their two sons, Cole (12) and Camden (9 going on 20!).
Peter has resided in Germany, California, Georgia, Indiana, Massachusetts, North Carolina, Oregon and Vermont. Having lived in North Carolina for over 10 years, Peter refers to North Carolina as home. Don't underestimate the value of Peter's moving experience. He and his team understand the rigors involved in making a family move. Rely on that experience to help you.
I have been helping buyers in the Raleigh Real Estate market for over
"I recently relocated to Raleigh from Destin. Florida and was very fortunate to have Peter Kima as my real estate agent. After my first phone conversation with Peter, I was convinced that he would work aggressively on my behalf to find me a house that fit all the criteria I requested in a home. Peter got to work immediately and began sending me home listings to view prior to my trip to Raleigh.
Upon meeting Peter in Raleigh, I was very impressed with how organized and well prepared he was for our first day of house hunting. He made sure to keep my specific requirements in mind when choosing homes for me to view. Peter was very efficient and organized which was critical to me as I only had three days in order to find a home. I did find the perfect house and Peter worked diligently on my behalf from writing the offer to the closing. Since I was out of town, Peter arranged all of my inspections and made sure that all necessary repairs were made prior to my arrival in Raleigh.
I imagined it would be very difficult to coordinate all that goes into an out of state move but Peter made the entire process absolutely pain free! I would recommend Peter Kima to anyone looking to buy or sell real estate because he genuinely listens to his client's needs and goes above and beyond his duties as a real estate agent."