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Buyers Help |
Tip # 1 - Financial Qualifications - A Hugh Mistake
I’ve heard it hundreds of times, “My credit is
outstanding.” “I’m not worried about getting
a loan.” Almost everyone will have headaches trying
to qualify for a loan. I’ve spoken with several different
Title companies (a title company is responsible for closing
the deals) and their response is overwhelmingly true. Almost
all mortgage companies cannot close a loan on time, even with
buyers that have good credit.
There are several reasons for this epidemic problem. I’ve
accumulated a list of 55 of these potential problems. I’ll
be happy to send you a copy upon request.
There is one reason that does not appear on the list. And
it is one of the more important reasons for getting pre-qualified,
or pre-approved. It’s “time.” Before you
sign a purchase agreement you will have all the time to shop
for the best mortgages available. But once the purchase agreement
is signed, you must now perform according to the contract.
It is now time to stop shopping for a mortgage and start gathering
all the data and answering all the questions, the mortgage
company that you’ve selected, will have. You no longer
have time to shop for the best loan. This mistake can cost
you thousands in extra and unnecessary interest that you will
have to pay to an expensive mortgage company. Remember this
fact, more money is lost each year through the mortgage process
than is ever saved through the buyer-seller negotiation process.
One other note on financing that you might not have thought
of. The mortgage company may ask you to document something.
You will need time to perform this task and the mortgage company
will need time to verify your data. This can range from anything
like a financial gift that was given to you to cosigning a
loan for a friend or family member. Yes, your credit may be
good, but it doesn’t mean that you will not have to
document your good credit.
Since I’m a loan officer, I can meet with you and answer
your questions concerning financing and help you avoid many
of the pitfalls of the mortgage process.
Getting pre-approved can save you a ton of stress. You will
know exactly how much home you can afford to buy. You will
know what your interest rate will be. You’ll be given
the option to “LOCK” the interest rate. You’ll
know what your payments will be. The Seller will take your
offer seriously. Most Sellers will usually take less money
for their properties if they know they are dealing with a
qualified purchaser. Most professional agents will want a
pre-approval letter from your mortgage company before they
will show you homes. Getting pre-approved shows that you are
serious about purchasing a home.
Tip # 2 - Work with an agent that has a “Buyer’s
Business Plan.”
One of the biggest mistakes that a buyer
can make is to just jump into the car and start driving around
looking for a home. Yes, you might get lucky and find the
right home this way, but it will just be luck.
Purchasing a home is like running a business. Therefore you
need to work with an agent that has a business plan set up
for your needs. Without a business plan, or a road map, you’ll
just be driving around wildly. A good business plan can save
you thousands of dollars and hours of time.
I’ve developed an outstanding Buyer’s Business
Plan based upon some of the top real estate minds in the business.
Remember, the best agent doesn’t cost you anymore than
the worst agent. In fact, it can be argued that the best agent
can save you thousands of dollars.
Tip # 3 - Plan an exit strategy
Unless you’re purchasing
your last home, you’ll need to buy with the resale of
the home in mind. I can help you overcome this problem. A
classic example would be don’t purchase a home near
power lines. It will be extremely hard to resale.
Contact me to receive a free copy of “Tate’s Top Ten Helpful Hints.”
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