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eric1

Finding your dream home is half of the battle. Financing it can be much more difficult.

Before you begin shopping for your dream home, you need to work closely with a qualified loan officer to get pre qualified. Why? First of all, you need to know what your buying power is. How much of a dream home you can afford. The last thing you want to do is dedicate time and effort into shopping for a home that you can never buy. Going through the pre-qualification process early will also help to identify any items on your credit report that may need to be cleared up or resolved before your loan application is submitted. If you wait until you are in contract on a home, there may be no time to react to credit issues and you may have your loan denied OR approved at a higher rate.

Ok so now you are pre qualified and you are ready to shop for your dream home. You are prepared with a pre qualification letter which makes you a legitimate and qualified buyer and both the realtor and the sellers will be more willing to work with you. Hopefully you provided all of your required documentation ("http://www.dreamhomefinancing.com/MortgageDocuments.aspx") to your loan officer so he or she can get rolling on your application as soon as you are under contract on your dream home.

Tip.... if two buyers present offers to a seller, the seller will usually accept the offer from the buyer who has been pre-qualified or has a mortgage commitment already. Sometimes the offer from the pre qualified buyer is lower than the offer from a buyer who has no pre qualification.

So, to get started on your dream home...

1. Get PRE QUALIFIED

2. Find a LOCAL REALTOR

[Some links deleted and some deactivated as per forum rules. Thanks.]

smithsussane · Posted: Fri Jan 01, 2010 8:25 pm Post subject:

Hi eric!

I completely agree with what you've said. To get a mortgage and purchase a dream home, it's essential to be pre-qualified. The first time home buyers find difficulty in purchasing their dream home because they are unaware of the concept of pre-qualification. Apart from this, a good credit score, stable income, required debt to income ratio are some of the major things which one has to keep in mind before applying for a mortgage. To know more about mortgage basics, one can even check out the given page:
http://www.mortgagefit.com/mortgage.html

Sussane

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