In many markets across the country, the number of buyers searching for their dream homes outnumbers the 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, understanding 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 The Lemoine Team is we have relationships with great lenders who will be able to help you through 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. Don’t worry. We can help you with this process.
Many potential homebuyers overestimate the down payment and credit scores necessary 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. The Lemoine Team is here to help and we have amazing lenders we can introduce you to who will help with the pre-approval process. Feel free to contact us and also feel free to contact our preferred lenders. They’re ready to assist. Tell them The Lemoine Team sent you.
Our Preferred Lenders Are (in alphabetical order):
• Sandy Hill – Fairway Independent Mortgage – http://www.gwinnettmortgage.com – 770-814-0552
• Leslie Karam – First Fidelity Funding – http://FirstFidelityFunding.com – 404-943-1533, ext 221
• Dan McKenzie – Options Mortgage Services, LLC, – http://danmckenzie.com – 678-482-1578
You can search all North Atlanta homes for sale on our website at http://www.LemoineTeam.com. Please contact the Todd Lemoine Team at (404) 310-9992 and let’s talk about buying a home in North Atlanta and how to get pre-approved.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Todd Lemoine and Keeping Matters Current, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Todd Lemoine and Keeping Matters Current, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein. Equal Housing Opportunity.