The Value of Being Pre-Approved

 

Prequalification is a lender’s best guess assuming of what you can afford, but it’s not a guarantee. Pre-approval, on the other hand, is a firm commitment from your lender based on your actual finances.

If you want to know how much your house will sell for in South Florida, Broward County go to Home Value or call Irene Medina.Realtor at 954-439-4851. 

 

Here Are Five Reasons Why Getting A Pre-approval Letter Is Advisable:

Most home buyers understand they should get a home loan pre-approval letter from a lender before they begin seriously looking for a home. But the reasons for this recommendation aren’t always clear, and buyers in some cases are dismayed by the level of paperwork involved. Here are some of the reasoning behind the advice:

1. A pre-approval letter is more reliable than a pre-qualification letter. Getting a pre-qualification letter is easy. You just contact a mortgage loan broker or loan provider, provide some basic financial information, then wait some time for the letter to come through your fax machine. Getting a “pre-qual” from a Web site is just as easy. Enter some good info, click “submit” and voilà. A pre-approval letter, having said that, involves confirmation of the information. Rather than taking your word on faith, the lender will ask for documentation to confirm your employment, the source of your down payment and also other aspects of your financial situations. Granted, a pre-approval might be more time-consuming (and possibly more aggravating) than a pre-qualification. The additional due diligence is precisely the reason why the pre-approval carries more weight.

2. You’ll know how much funds you can get to borrow. Most home buyers have a rough concept of the amount they would feel comfortable paying each month on their home loan. However, there is no quick-and-dirty way to convert that payment per month into a specific maximum home loan amount because other factors — down payment percentage, mortgage loan insurance, property taxes, adjustable interest rates and so on — are part of the computation. And, you might not be qualified to borrow as much as you think you should be able to borrow, based on your income, your financial obligations and your credit rating.

3. You will have more leverage in settlements with the seller. Sellers often choose to negotiate with pre-approved buyers because the sellers know these buyers are financially qualified to obtain the financing they need to close the transaction. A pre-approval letter is an especially favorable point in a close multiple offer situation. And, you may feel more confident about making an offer with a pre-approval letter at your fingertips along with the knowledge that you’ll be able to obtain a mortgage.

4. Your real estate professional will work harder on your behalf. A pre-approval letter signals to your real estate professional that you’re a well-qualified buyer who is serious about purchasing a house. The increased likelihood of a closed sale — together with a commission — will of course motivate your agent to devote more time and energy to you. In fact, some representatives will not even show property to buyers who don’t have a pre-approval letter.

5. A few caveats: Pre-approval letters aren’t binding on the lender, are subject to an appraisal of your house you want to purchase and are time-sensitive. If your financial state changes (e.g., you lose your job, lease a car or run up credit-card bills), interest rates increase or a specified expiration date passes, the lending company will examine your situation and recalculate your maximum mortgage loan amount appropriately.

When you hire Irene Medina and The Medina Real Estate Group, you hire a team of professionals that will “Stand by YOU Every Step of the Way” from start to finish. We pride ourselves in making sure that we keep your goals top of mind at all times and keep you informed at all times. Please read our reviews from happy clients on this site, as well as our blog.

We are in a sellers market again and you need a team that is very savvy when it comes to marketing your home. It is not a matter of just putting a sign on your home and putting in on our Multiple Listing Service. Our marketing is very internet intensive driven and we implement The Ballen Method on every property. 90% of all buyers find their home on the internet before they call a realtor. We make sure that your house is FOUND. Some of our marketing techniques are the following: We take a professional virtual tour of your home to put on the internet, along with various websites, individual property websites, social media sites and all the other popular sites. We also advertise to the international market. We market to all realtors in your area and to the surrounding neighborhood. We make sure you get the highest and best offer for your home. Their reputation of being a top notch real estate group is well known in the real estate industry. Your chances of getting your house sold quickly and/or your offer being accepted is greatly increased when you use The Medina Real Estate Group.

For Your FREE Home Value go to: Home Value

If you need to short sale your home, please go to:www.FLShortSaleServices.com for information on short sales and to calculate if you have equity in your home now or still need to short sale. We have a proven track record of approved short sales and deficiency waivers.

If you are a buyer looking to buy a home, we pride ourselves in making sure we listen to what your dream home consists of. It is all about you and your future home. We put YOU first! Go to: www.IreneMedina.net 

Irene Medina has been in the business of selling and buying real estate for more than 10 years. She became a short sale specialist and helped many homeowners avoid foreclosure and have their deficiencies waved when the market dropped. Market has shifted again and she continues to excel as a Listing and Marketing Specialist to help you get the most for your home in the quickest amount of time, with the least amount of stress! Irene and her team are an award winning team. When you choose Irene Medina and The Medina Group, you choose a team that will always put YOU first.

If you are a buyer looking to buy a home go to www.TheMedinaRealEstateGroup.com.

Client Testimonials

Irene Medina / Realtor This email address is being protected from spambots. You need JavaScript enabled to view it. / 954-439-4851 The Medina Real Estate Group www.TheMedinaRealEstateGroup.com

 

CLICK HERE TO VIEW HOMES FOR SALE, REAL ESTATE & PROPERTY LISTINGS

 

DIRECTORY OF SCHOOLS IN FLORIDA

·         City of Pompano, FL

·         City of Coconut Creek, FL

·         City of Parkland, FL

·         City of Fort Lauderdale, FL

·         City of Coral Springs, FL

·         City of Plantation, FL

 

MORTGAGE CALCULATOR

·          See What Your Payment Will Be in Pompano, FL

·          See What Your Payment Will Be in Coconut Creek, FL

·          See What Your Payment Will Be in Parkland, FL

·          See What Your Payment Will Be in Fort Lauderdale, FL

·          See What Your Payment Will Be in Coral Springs, FL

·          See What Your Payment Will Be in Plantation, FL

 

RESIDENTIAL LUXURY PROPERTIES FOR SALE

PLANTATION,  FL

·         $900,000 to $1,000,000

·         $800,000 to $900,000

·         $700,000 to $800,000

·         $600,000 to $700,000

·         $500,000 to $600,000

·         $400,000 to $500,000

·         $300,000 to $400,000

·         $200,000 to $300,000

·         $100,000 to $200,000

 

FORT LAUDERDALE,  FL

·         $900,000 to $1,000,000

·        $800,000 to $900,000

·         $700,000 to $800,000

·         $600,000 to $700,000

·         $500,000 to $600,000

·         $400,000 to $500,000

·         $300,000 to $400,000

·         $200,000 to $300,000

·         $100,000 to $200,000

 

CORAL SPRINGS,  FL

·         $900,000 to $1,000,000

·        $800,000 to $900,000

·         $700,000 to $800,000

·        $600,000 to $700,000

·         $500,000 to $600,000

·         $400,000 to $500,000

·         $300,000 to $400,000

·         $200,000 to $300,000

·         $100,000 to $200,000