Once you have found a home you are interested in, it is important to find out as much about a property that you can. Our team will try to provide you with all the information that you need, however in case we miss something, we have provided the 10 most important questions you should us.

If you will be financing the property, get preapproved for a mortgage prior to making your offer. This will show the seller your commitment and ability to perform. Preapproval can be extremely important in a seller's market.

Pre approval v/s Pre qualification

What could be more comforting that the peace of mind that goes with knowing your morgage is fully approved?

You will have a greatly improved negotiating position when you are preapproved for a mortgage. Sellers are more apt to negotiate with someone who already has a mortgage approval in hand. The preapproval letter lets the seller know they are working with a serious buyer. A preapproved buyer can also close on a property more quickly--another major consideration for a motivated seller. Obtaining a preapproved mortgage is essential in a "seller's market" or where supply is limited.

Preapproval uses basic information as well as electronic credit reporting. It is a true mortgage commitment. Which means a commitment to financing your home and an indication of the total mortgage amount available to you. Coldwell Banker Mortgage, as well as other mortgage lenders, can help you through the preapproval process. In most cases, there is no charge for this service.

Prequalification, on the other hand, is not a full mortgage approval, but an estimate of what you can afford. When you prequalify for a mortgage, the lender collects basic information regarding your income, ,monthly debts, credit history and assets, and then uses this informatin to calculate an estimated mortgage amount.

 

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