Dave Shockley
434-242-1769
Charlottesville Area Real Estate
Managing Broker
Real Estate III - West Office,
500 Faulconer Dr  
Charlottesville,
VA 22903

Mobile 434--242-1769
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YOUR FINANCES
    FINANCIAL CENTER

    Buying a home can be a daunting!  So in order to help make
    some of the financial elements clearer we outlined a brief
    summary of the process.  Please remember the best person to
    contact is your mortgage broker.

    In general, the first hurdle is to  prequalify for a mortgage.
    Lenders to-day tend to use credit scoring, based on the
    applicant's credit report.

    There are a few important items which contribute to this score
    including payment history, past delinquencies, indebtedness,
    length of credit history and past bankruptcies or foreclosures.

    So before you actually need to apply for your mortgage,  make
    sure you have no late credit card payments, try to pay down
    credit card debts, and get rid of extra cards as these actually
    increase your risk (it gives the possibility of higher debt).

    A good lender will step you through this process and we can
    good lender will step you through this process and we can
    certainly recommend for you.

    After completing these calculations the lender will (hopefully)
    issue a "preapproval" letter. This will indicate the amount of
    loan you would most likely qualify for.  It is really beneficial to
    have this ahead of time because if your Realtor puts a contract
    on a home for you and there are several contracts for the same
    home, the seller is more likely to accept the contract with a pre-
    approval letter.  This shows the seller you are serious and are
    more likely to actually get a loan as the process goes along.

    Don't despair if you feel you have little or no money saved for a
    down payment.  Lenders to-day have all kinds of loan options
    and will, most likely, find one to best suit your particular
    situation.  

    Do not feel you are not alone in this process. We will take you
    step by step until you finally move in to your dream home.

    Contact us!