GETTING PREPARED

SMART HOME BUYERS GET THEIR MORTGAGE FIRST



Increase Your Negotiating Power

Mortgage companies wish to obtain only enough documentation
to make their credit decision. Mortgage companies embody
the true spirit of their mission to provide mortgages
faster, less expensively and more conveniently than anyone
else."


By getting a Pre-approval before making an offer on a home,
customers enjoy the negotiating advantages of a cash buyer.


The problem with a pre-qualification, is that it simply does
not go far enough. A pre-qualification is not a written
commitment to make a loan. It is only an "informed" opinion
that is not binding.


Most Mortgage companies can also provide the opportunity for
a much shorter interest rate lock period. A shorter lock
period can mean a lower interest rate, and the difference
ofjust an eighth of a percent can result in thousands of
savings over the life of a loan. ÆPre-qualification also
contributes significantly to reducing frustration that
often goes with purchasing a home and obtaining a mortgage.


They are very sensitive to the fact that buying a home can
be very stressfull. It often occurs in conjunction with a
job change, changes in schools, and moving away from friends
and family. Pre-qualification is designed to help alleviate,
not add to the stress of buying a home.




Low Closing Costs, Guaranteed

Another of the popular innovations in the mortgage field is
its Guaranteed Good Faith Estimate program. Under this
program, the Mortgage company provides a written guaranty
that the customer's actual closing costs at settlement
will not exceed those estimated on the Good Faith Estimate
at application.


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