What are the advantages of getting pre-approval for a loan to buy a home and why is it so important to get pre-approved for a loan? Typically a first time home buyer will get the itch to buy a home. Perhaps they’ve been considering and planning this for a long time. They call a Realtor [...]
What are the advantages of getting pre-approval for a loan to buy a home and why is it so important to get pre-approved for a loan? Typically a first time home buyer will get the itch to buy a home. Perhaps they’ve been considering and planning this for a long time. They call a Realtor [...]
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The Colorado Association for Manufacturing and Technology will be working with site selection experts in Denver to find a location for a proposed 200-acre manufacturing and research park. The park could reportedly house up to 100 businesses and create 10,000 jobs, according to CAMT. The idea is that companies would share facilities for research and manufacturing. [...]
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Buying your first home in Denver, Colorado can seem like daunting process. In many cases buying a home represents the single largest purchase most people make in their lifetime. With that being said, it is important that you take the right steps and make sure you are making the right financial decision, which more than [...]
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A wonderful 3 bedroom town home – quiet location (Not on Broadway) that overlooks courtyard and tennis courts. Spacious and Immaculate! Updated kitchen with newer appliances. This one is ready for new owners, call us to see it today! Nothing to do but move in and enjoy! More Details
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“The outlook for investors in 2011 is as positive as we have seen in years,” according to Joseph R. Dancy, Adjunct Professor of Law at Southern Methodist University.
The Bull: Chiara Marra
Mr. Dancy has identifiedseven major trends it expects in 2011 that will bode well for investors nationwide:
● Higher energy prices (coal, oil, natural gas)
● Higher agricultural prices and food riots in developing countries
● Russell 2000 small cap index reaches record levels
● Stock selection and active portfolio management add substantial excess returns (versus passive investments in tracking ETF’s)
● Real estate prices remain depressed
● Investors slowly begin to return to the US stock market
● Unemployment stays elevated and food stamp use reaches record levels
“Smaller companies are substantially outperforming the market. As the global economy continues to recover many of these companies represent some of the best investment opportunities we have seen in years,” concluded Dancy.
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What are the advantages of getting pre-approval for a loan to buy a home and why is it so important to get pre-approved for a loan? Typically a first time home buyer will get the itch to buy a home. Perhaps they’ve been considering and planning this for a long time. They call a Realtor to go look at a home they’ve found on the internet and the first thing they ask is, “have you been pre-approved for a loan?” Whoops! Roadblock! So, why is this step in the home buying process so important and what are the advantages?
If you’ve been searching for homes on the internet or you’ve been setup by your favorite Realtor to receive automatic e-mail listings of available homes, you can ask him/her to change your search criteria to match the selection of homes in the price range that you’ve been pre-approved for. This way you can save your time by checking out homes that you can actually afford to buy.
By decreasing the inventory of homes to those that fit your criteria and price range, you can spend your time thinking about the little nuances each home has to offer. Instead of spending your time looking at homes that are out of your price range, you can focus on the details that matter to you in choosing a home. Are the bedrooms large enough? Will my car fit in the garage?
Now when you find that perfect home and you want to put an offer in to purchase, no one can take that away from you by saying you can’t qualify. When your Realtor presents the offer to the seller or the seller’s agent, they will also present your pre-approval letter from your lender. That is one more powerful advantage your offer may have over a competing offer. You’re giving the seller peace of mind that if they accept your offer, this deal will more than likely close vs. falling apart because the buyer can’t get a loan.
Let’s face it, buying a home can be a very stressful process. You can minimize your anxiety by getting pre-approved. You can have the confidence that when you find that perfect home, you will be able to qualify for the loan. You can sleep better a night, because there shouldn’t be any last minute surprises.
Because you’ve already met with your lender and submitted all of your paperwork, the entire process can go a lot faster. The lender can order the appraisal right away. The lender will make your deal a priority because they’ve already completed most of the hard work. It’s possible to close the transaction in 2-3 weeks vs. the typical 30 days that it takes to close a transaction.
Typically obtaining loan approval is the longest contingency in your purchase contract. So, by getting pre-approved for your loan, your process will go a lot faster and smoother.
If you’re thinking about purchasing a home and would like to speak with one of the lenders that we work with, get in touch and we’ll hook you up with a reputable lender.
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