eXp Realty
Kathleen Militello
The Militello Team

In many markets across the country, the amount of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. As is the case North of Boston in Essex County!  The low shortage of inventory has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with The Militello Team is that we have great working relationships with lenders who will be able to help you with this process.

Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.  If you would like to know ahead a time a summary of this list email us.

Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments

Capital or Cash Reserves: The money, savings and investments you have that can be sold quickly for cash

Collateral: The home, or type of home, that you would like to purchase

Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, as a matter of fact an offer will not even be considered in our area without one!

Bottom Line
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.  So call us today at (978) 500-1480 and we will provide you with a list of super Loan Officers!

The Militello Team

Joseph Militello (978) 815-3877
Kathleen Militello (978) 500-1480
___________________________
Vice President of J Barrett & Company
REALTOR


Source:  Keeping Current Matters

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