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Pre-Qualify
For a Real Estate Mortgage
Don't Go Shopping for a New Home Before You Know
Exactly
How Much You Can Qualify For!
Knowing what you can
afford is the first rule of home buying, and that
depends on how much income and how much debt you have.
You might have an idea
of the loan payment and mortgage you can afford. It's
always best to pre-qualify for a mortgage so you know
exactly how much a financial institution would be
willing to lend you.
Ways
to improve your "FICO" score
What's more, a
pre-approved mortgage loan helps you negotiate with the
seller from a position of strength, much the same as a
cash buyer. And getting your mortgage loan pre-approved
is easy. This program is available on all conventional
fixed, adjustable rate, and balloon mortgages.
The Beaches Realty
Group will be happy to calculate what you can afford and
pre qualify you for a loan.
“Call Kathy for
information on an exciting loan program offered by a Non
Profit Organization; to qualify for a purchase: the
Purchase Price/Mortgage amount cannot be any higher than
$294,500, must be Owner Occupied, NO Down Payment, NO
Closing Costs, NO Processing Fees, NO Credit Score or
Low Credit Score, OK!
If you qualify, they will refinance your primary
residence, with the above criteria, as well!”
Beware of Automatic
Approval Systems on the Internet
The hard fast rule
of ratios the Internet Automatic Approval Systems
use no longer apply as they did in the past. One needs
to look at many compensating factors such as the amount
of liquid assets, 401k funds, and any other type of cash
'reserve' monies. If someone makes $10,000 a month, for
example, they could quite possibly have a back ratio of
75%, (all debt + new total house payments divided by
gross income). To achieve that ratio one has to take
into consideration whether their scores were high enough
(over 720), whether their cash reserves are well over 6
months of salary and whether the amount of down payment
is high enough to achieve a high back ratio.
These are all reasons
to call a mortgage professional and not just fill out a
pre-qualification form on the Internet.
Katherine
Karr-Garcia's dual-licensed status, as a Realtor and a
Mortgage Broker, is the catalyst which allows her to
provide you with optimal loan options that will meet
your needs.
The price you can
afford to pay for a home will depend on six factors:
1. gross income
2. the amount of cash you have available for the down
payment, settlement costs
and cash reserves required by the lender
3. your outstanding debts
4. your credit history
5. the type of mortgage you select
6. current interest rates
Another ratio lenders
use to evaluate how much you can afford is the housing
expense-to-income ratio. It is determined by calculating
your projected monthly housing expense, which consists
of the principal and interest payment on your new home
loan, property taxes and hazard insurance (or PITI as it
is known). If you have to pay monthly homeowners
association dues and/or private mortgage insurance, this
also will be added to your PITI.
In the
pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher
down payments.
- What the bank feels you can afford for a monthly
payment.
We help buyers pre-qualify for mortgages every day. Call
The Beaches Realty Group TODAY to get started.
Remember: we will respect your privacy! We know this is
your personal information, and we will not distribute it
to anyone. This service is also provided free of charge,
without any obligation on your part.
For more details or to arrange an appointment call The
Beaches Realty Group TODAY at 904-249-2299. Let
us help you get the money you need.
Finding a Loan
That's Right for You
Finding the right loan
doesn't have to be a difficult process. Call us today!
We will ask you some basic questions about the kind of
loan you are looking for, and what your requirements and
goals are. Based on your information, we will find loan
options that meet your needs and display them side by
side for easy comparison.
This process only takes
a couple of minutes while we help you find the loan
choice that's most economical for you.
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