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Get
Qualified! One of the first items we will talk about when
we begin the search for your home or investment in Southeast Georgia
is how much are we going
to spend? or in what price range are you considering?
The seller will want to know when you make the offer that you
are qualified for the loan. This is something you will need
to be aware of as well. You do not want to get into a transaction
and then find out that the payments will be more than you want.
Being "qualified" will be based on your credit scores,
job history, and the amount of down payment you plan on
making toward the loan.
The bank or lender will often times give you a letter or "
pre-approval" based on the information you submit.
Many sellers will not even look at an offer unless it is accompanied
by the approval or pre-qual letter. Getting with the lender
will enable you to be comfortable with the payment
you will be making based on the price of the home, down payment,
etc.. Some lenders will talk with you in person and some
over the phone or on-line. Sometimes there is a fee for
this service. It is best to ask up front not to be surprised
when the work is done.
This process may be started with your local
bank or lender and usually there is a seperate mortgage department
within the bank. Local mortgage lenders are available as
well. A problem can develop here. You may be able
to qualify for more home based on your income than you are comfortable
in paying monthly. This is something you will have to consider.
Also, once the monthly amount is found, the lender will often
want annual taxes and homeowners insurance added together adn
divided by 12. This amount is considered your " escrow"
and will be added to your monthly payment. Consider this
as well. Then you will be a fully informed purchaser.
You need to know how much you can spend
and
how much
the bank or mortgage
Co. will allow you, based on your
credit,
employment history, etc. In most cases banks will "pre-approve"
you for a certain number of days, most are free of charge.
Some do charge a fee, so be sure to ask. Usually there is
an application for you to complete and get back to them.
Then the fun can begin! Probably a good place to start is
your local bank and then we can check
other avenues if need be. Of course we will also talk about
the area of town you prefer, number of bedrooms, and other
qualifiers that will help me identify property you might like.
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