Blog on real estate information in Rosenberg Richmond and Fort Bend Area TX real – First Texas Realty

My New Blog

The Advantage of Pre-Qualifying for a Loan

August 23rd, 2011 4:31 PM

Advantage of Pre-Qualifying

Pre-Qualifing for a mortgage is the best thing you can do before you start shopping for a new home. It will allow you to shop with confidence knowing you are able to buy the home you choose.

It also helps with your offer by letting the seller know that you have "money in hand" and they will not have to take their home of the market and take a chance that it will not close due to the loan not going through.

So may times a seller may look at a lower offer just because it is more of a sure thing knowing that the buyer has been approved.

Take Advantage of Loan Pre-Qualification

	The Advantages
v	Know how much house you can afford.
v	Know how much cash you will need for the down payment.
v	Simplifies pre-approval.

A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-qualification.

Items considered when pre-qualifying for a mortgage loan include:

Employment History
Credit History and Scores
Monthly Income and Expenses

With my knowledge of the mortgage market, I'll help you make an informed decision as to the type of loan you'll want. There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans. We'll find the best loan for your situation.