Should I Get Pre-Approved Before Looking for a Home?
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.
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
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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.
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
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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!
Jim Lux is just one member of the LUX Team of realtors, based in Denver, Colorado. While Jim carries the designations of GRI, (Graduate of the Real Estate Institute), and CRS, (Certified Residential Specialist) and only 4% of real estate agents nationally hold the CRS designation, everyone on TheLUXTeam provides the same level of professionalism and committment to each of their clients.
Jim and the LUX Team
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Jim’s interest outside of real estate includes his grandchildren, travel and music (Jim was a professional musician in addition to his career for years).
Visit their website at http://www.realestatemetrodenver.com to learn more tools to help you buy and sell your home in the Denver real estate market without losing money.