New types of mortgages exist featuring help for first- time home buyers and flexible terms for current home owners. These help home buyers to buy sooner by expanding qualification criteria and to “afford more house.”
Why rent when you can OWN? You can afford more than you think!
When it comes to paying for a home, buyers today have an almost unlimited number of financing options from which to choose. Even if you have been discouraged by other lenders, we just may have the means to put you through the door of your first home.
· A mortgage lender will evaluate a potential homebuyer's credit report plus earnings, savings and debt information to get an estimate of the mortgage amount the borrower would qualify for. This is based on documentation the borrower has in hand, or what the borrower tells the lender. The review can take as little as a few hours or as long as a few days.
· Prequalification is usually free.
· For an estimate of buying potential, see How Much House Can You Afford?
· This process goes a step further than prequalifying. Pre-approval means the lender has contacted the borrower's employer, bank and other places to verify all claims of earnings and assets. In return, the borrower receives a letter stating that he has mortgage approval for a certain amount.
· Since you already qualify for financing, pre-approval can speed up and improve your chances of reaching an agreement on the purchase price with the seller.
Contact The Allen Team for current market rates!