Friday All Day:?Georgia State Adult League Championship Tennis Tournament |?Newman Tennis Center 6pm: Evans Towne Market Weekly Wine Tasting | Location: Evans Towne Market 6:30pm:?Brown vs. Board of Education Commemoration |?Lucy Craft Laney Museum of Black History?-?Augusta 7pm:?Nathan Storey live | M.A.D. Studios Augusta 7pm:?Somewhere In Augusta: Storm Branch Band 7:05pm:?Baseball: Savannah Sand Gnats vs. […]
Reblogged from Cambridge KW Real Estate Blog: So you're all excited and you're starting your search for that first dream home. Before you embark on the home buyer's wheel and discover all the stress that can build up in that query take a deep breath and consider these useful tips: Down-payment~You most likely have accumulated […]
Reblogged from Steve Schultz - REALTOR: Historically, the average rental price has increased over time -- a trend likely to continue going into the future. A fixed rate mortgage allows you to "lock in" a certain monthly cost for a specified period of time. If your situation allows you to buy, now is a good […]
2 story all brick custom home with many, many extras. 5 bedrooms and 4 full baths, bedroom downstairs is currently being used as an office and 5th bedroom is used as a bonus/play room. Multiple heating and cooling systems, 2 water heaters for each side of home, more storage than you could ever use, even […]
Lesia Hensly-Price goes over the first steps to begin the home buying process. Watch Lesia every Friday on NBC 26 Today @ 6am.
Most mortgage lenders take the guess work out of applying for a loan by determining for you the amount you can afford to borrow. Then, they give you a printed document stating the maximum mortgage amount you qualify for based on your particular finances and income.
Mortgage pre-approval establishes your price range and strengthens your buying position by letting the seller know that you have already been approved for the loan. It can also ease time constraints once the purchase agreement is signed between buyer and seller.
Consider these Scenarios:
You're out looking at homes. Your Real Estate Broker never mentions that you should get pre-approved and just ballparks what you can afford. You find the perfect house and work out a deal with the seller. Three weeks later, the lender informs you that the house is $10,000 over what you qualify for and does not approve your loan. The seller has already bought another house. You've given notice where you're renting and told all your friends about the great house you bought. And then, there's the money you've already spent on inspections on a house you can't own.
You and your REALTOR® have been working diligently finding that "perfect" home. A new listing comes on the market that's priced right and has got everything you've been looking for. You write an offer. Your REALTOR® takes it to the listing REALTOR® and is informed that another offer is coming in and will have to present both offers simultaneously to the Seller. The other Buyer is pre-approved for his loan. Whose offer do you think the seller will negotiate first??