Do you realize that very few people can buy a
home for cash?
According to the National Association of REALTORSŪ (NAR), nearly 9 out of
10 buyers in 1999 financed their purchase, which means that virtually all
buyers -- especially first-time purchasers -- required a loan.
We want to help get the loan that is right for you!
Virtually anyone willing to pay lofty interest rates can find a mortgage.
However, we want to help you seek the mortgage with the lowest cost and
best terms.
We suggest that consumers start the mortgage
process
well before bidding on a home. By meeting with
lenders -either face to face or online - and looking at loan options, you
will find which programs best meet your needs and how much you can afford.
We also recommend pre-approvals for another reason:
Purchase forms often require buyers to apply for financing
within a given time period, in many cases, seven to ten days. By
meeting with loan officers in advance and identifying mortgage programs,
it will not be necessary to quickly find a lender, check credit, and rush
into a financing decision that may not be the best option.
Pre-approval means you have met with a loan officer,
your credit files
have been reviewed and the loan officer believes you can readily qualify
for a given loan amount with one or more specific mortgage programs.
You may visit as many lenders as you like; however, if each one makes a
new credit check, it will show up on your future credit reports, which
might affect your credit score at a future date.
This "Pre-approval" is important to sellers
since they do not want to accept an offer that is likely to fail because
financing cannot be obtained.
Real estate financing is available from
numerous sources.
Vision Realty has devoted an entire
section of our web site to lenders which make loans in our market place.
After you have completed the 10 Steps to Owning you will want to visit
this area and become familiar with these lenders.
Once we have assisted you in selecting a
lender,
the loan officer will carefully review your financial
situation, including your credit report and other information. The
lender will then suggest programs which most closely meet your needs.
For instance, a first time buyer may qualify for state backed mortgage
programs with little money down and low interest rates, while a repeat
purchaser (someone who has bought a home before) with more equity (money
invested in the home) might wan to get a 15 year loan and the lower
overall interest costs it represents.
Remember,
we're here to help find a loan that suits your needs!
That's what we're trained to do best!
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