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Being
preapproved, the second process, is to your advantage for three reasons.
First,
your preapproval will be given for a period of time, locking your
rate and terms in for 30 or 60 or even 90 days. You don't have to
feel like you're being rushed into finding a house before interest
rates go up again. Some lenders do not lock in their rates, while
others do. It's important to discuss that when you're negotiating
rates with different lenders.
Secondly,
you will know exactly how much your mortgage payment is going to be,
and how much you can afford to pay for a house. You won't waste time
looking at houses you can't afford, or miss out on houses that you
could have afforded.
Thirdly,
being preapproved works for you at the negotiating table. Your offer
will be more credible than an offer from a buyer who has not yet
talked to a lender.
The
seller will know that the other buyer might not get financing, while
you already have yours. Your offer will be closer to being a cash
offer. In a competitive situation your offer will often be accepted,
even though it is a bit lower than the competing offer, if the seller
is suspicious of the other buyer's ability to get a mortgage.
When
you use my Home-Buyer's or Home-Builder's systems, I will prequalify
you myself first.
That
means when you go to the bank to be preapproved, you'll know that
you are not asking for something unreasonable, and you will be able
to negotiate a better mortgage.
Contact
me now, and get on the Fast-Track!
You'll
always be prepared for what is coming next when you're on my No-Mystery
buyer's System. |
