Gaithersburg Lakelands MD | Pre-Approval Should Always Be Your First Step
Gaithersburg Lakelands MD Local Market Tidbits:
Today I decided to bring you some news about the things that matter the most to our local real estate market
As you are aware, the real estate market is like the weather. The economic conditions within the area are the most influential on home prices and its stability
Sometimes even within neighboring counties, our local real estate market could be completely different.
Yes, you may see disparities between Montgomery and Frederick counties even though they are just a few miles apart.
Today I want to talk to you about Pre-Approval Should Always Be Your First Step
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers a number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
1.- Capacity: Your current and future ability to make your payments
2.- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3.- Collateral: The home, or type of home, that you would like to purchase
4.- Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.
We are interested in creating repeat business with all our clients.
We understand that we can only do that by bringing you the latest news and information that could affect your financial world when it comes to real estate.
We take pride in assuming that role for you
To reach us, please call 301-246-0001
or send us an email info@ReallyNiceHomes.com
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Thinking of selling your home? Let Fernando take over the marketing of your property with our unique 99 STEPS system
www.99SOLD.com - Call or text 240-426-5754 for more information.