Page Title
| Dave Shockley, Managing Broker, Real Estate III - West Office, Charlottesville, Virginia. cell 434-242-1769 |
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| Charlottesville Area Real Estate - Made Easy. |
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!
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!
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