Residential and Commercial Mortgage Loans. With all the excitement and activity of buyimg a new home, home-buyers often relegate their home financing to later in the process-often in the few days after they’ve signed a purchase contract. But if you use that approach,you’ll probably find yourself scurring to get your mortgage finance.
You may not carefully consider important financial options you’re likely to make a rush decisions and you may be left with a mortgage that doesn’t fit your financial goals. Thats not how you want to approach the financing of what will likely be your largest asset. A preapproval letter from your lender gives you many advantages.
You’ll know ahead of time how much you can borrow avoiding wasted time looking in the wrong price range. You can show realestate agents you’re ready and able to buy setting you apart from the more casual shoppers. You can show sellers you’re able to close on the deal quickly and making your purchase bid stronger.
You’ll avoid the pressure of having to make a rused mortgage decision immediately after you have a purchase contract that gives you only a short period of time to secure an approval. You can find out any possible qualification problems and address them ahead of time. Your closing date can be set as soon as your seller is ready. So not only will your home buying experience go smoothly if you handle your financing ahead of time. You and your realestate agent can do a finial walk through before closing sooner.