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PRE-QUALIFY Pre-qualifying means several things. First, it means knowing what area you want to live in, what type of home you want, and what best suits your financial needs. Many lenders will pre-qualify you for free. A simple call, with no obligation will allow you to know the type of loan which is best for you. There are hundreds of loans available, so you should know your best options. The lender will also ask if they can pull your credit report. This report is a guide (in-file) report which will alert the lender to any problems. If you've experienced any financial difficulties (many of us have) you should explain that to the lender so that he can provide the best alternatives for you. ---------------------------------------------------------------------------- Here are some additional questions the lender should ask:
-What that means is you haven't owned a home in the last three years or you are a recently divorced homemaker. Why is that important? Because there are many programs which require a lower down payment, or provide a lower interest rate, or even provide down payments and closing cost assistance to new homebuyers.
-Many Veterans qualify for a special VA loan which requires no down payment! It is also a little easier to qualify for a VA loan. So, why not use this special benefit?
-Texas has a special program which allows a Texan Veteran to implement any of their special programs for the Veteran. As a Texas Veteran, you have either enlisted in the military while being a resident of Texas, or have lived in Texas for the previous two years before requesting an application. These programs can qualify you for lower interest rates. For more information on other programs click here ------------------------------------------------------------------------------------------- Pre-qualification is important to get you into the right house, with the right terms and the right loan. Furthermore, Pre-qualification helps you go into negotiations with a stronger hand. It is easier for the seller to see a letter from a lender saying you're a good buyer and helpful in getting the seller to accept your terms. If you want to improve your chances get Pre-approved. This will tell the seller you are approved for the loan, you can close in a short time, and that there are no risks with you. Find out the most important questions you should ask any lender by getting the free email report "The 7 Questions You Should Ask Any Lender Before You Sign Anything." This free report will help you avoid the pitfalls of a lender which is not looking out for your best interests. Dont have any idea on what you qualify for? just use our easy online prequalification wizard. Take a snapshot at the possibilities!
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