“CASH IS KING” in Denver’s real estate market these days and our “word” that we can afford to buy the house just does not work anymore. The Seller wants to see that someone else, who has the ability to provide the funds has looked at your credit, job history and funds to make sure you can get the loan. That gets you as close as you can to having “CASH”. In Denver’s red hot real estate market Cash is still king yet your…
Buyer’s mortgage pre-approval is good for you and everyone in the transaction. It saves time, money and removes the uncertainty of knowing whether the buyer will be qualified after negotiating a contract. The direct benefits include:
- Looking at “Right” homes – price, size, amenities, location
- Find the best loan – rate, term, type
- Uncover credit issues early – time to cure possible problems
- Negotiating power – price, terms, & timing
- Close quicker – verifications have been made
There is a significant difference in having a trusted mortgage professional take a loan application and run all the necessary verifications compared to going through calculators on a lender’s website. Beside the peace of mind, the cost of being pre-approved is a bargain and generally, limited to the cost of the credit report.
Even if a person has been pre-approved, a second opinion from a different lender may be a good option. It can verify there is a good deal or you’ll discover that you can improve it. Either way, it works to your advantage. Contact me if you’d like a recommendation of a trusted mortgage officer.
When there is a shortage of properties on the market, like in Denver, the buyer needs as many arrows in their quiver as possible and the first one is the pre-approval (not pre-qualified) letter from a reputable, local lender. Others will include your buyer’s agent and their market knowledge, their negotiating skills and tactics, and if they create trust in you. They should ask for a buyer’s agency agreement to be signed as well (but that could just be me) so you will know whose side of the fence they are on. If you would like to talk more about where to live or who good lenders are CONTACT ME here