Shopping for a Mortgage Loan in the Southern Ocean County Real Estate Market
Southern Ocean County Real Estate Loans
For most a mortgage will represent the single largest financial burden undertaken. As with any major purchase, it pays to shop around and understnad the differences between the products offered to you. Every bank will have different rules, interest rates and product offerings so it is in your best interest to get multiple quotes! When shopping for a mortgage in the Southern Ocean County real estate market, it pays to do your homework!
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Getting Pre-Qualified or Pre-Approved for a Mortgage in the Southern Ocean County Real Estate Market
Once you have a handle on what is needed to get pre-qualified, your credit score and an understnading of the mortgage process, it is time to find out how much house you can afford! To do this, a buyer will get pre-qualified. This free service will involve providing basic information like income, debt and having your credit checked. This will give you a good idea of how much money you can borrow and therefore what kind of home to buy in the Southern Ocean County real estate market.
You can take this process a step further by getting a pre-approval. A pre-approval is different from a pre-qualification in that you as the buyer will be gaureenteed a certain loan for a period of time (usually around 60-90 days). A pre-approval can be adventageous when making an offer as it will demonstate:
- You are ready to move quickly on a home purchase
- You can offer a quicker closing to the seller as part of the mortgage process is already complete
- A pre-approved buyer may have their offer accepted over a buyer who is only pre-qualified as the terms of the offer are stronger.
It is important to remeber to ask about all types of loans as there may be differences in their interest rates and terms. You must also remember to inlcude things like taxes, insurance and any PMI you may need.
Factors to Consider When Looking to Buy a House in the Southern Ocean County Real Estate Market
Remember the process is. “loan first, house second”. It serves your best interest to understnad how much house you can afford before looking for properties to buy. You should also keep in mind the cost of the mortgage process and the application fees. Lenders will charge for their sercvics for applying for a mortgage and these charges come out of your pocket! The interest rate is a key componenet of the mortgage process and you should understnad if it is a fixed rate (usually a little higher but easy to plan for your expenses) or an adjustable rate (usually lower but with the risk of going much higher in the future).
Buying a Home in the Southern Ocean County Real Estate Market
When looking to buy a home in the Southern Ocean County real estate market, it is important to do your homework first so that when you find the right house, you are ready to buy! We work with several excellent mortgage lenders and bankers who can answer your specific questions about Shopping for a Mortgage Loan in the Southern Ocean County Real Estate Market and we can help you find the perfect house to buy!
The Beach Haven West Real Estate Group and Southern Ocean County Real Estate Specialists
Farrah Pileggi 201-952-4131| Kim Pileggi 732-887-4853 | Nathan Colmer 609-290-4293