Getting A Loan Pre-Qualification
If you are like most people, you know that it would be beneficial to
just have money handed over your way. You work hard at what you do
and are financially stable. You know that it is time for you to move
into a new place and want to make sure that you have the best
opportunities available for you. The first investigation to make in
order to step forward is through a loan pre-qualification.
Loan pre-qualifications will determine if you have the financial
ability to invest in real estate in the beginning. By having the
right pre-qualification, you can be guaranteed a specific amount of
money and will have the ability to move into the home of your
dreams.
The first thing that is decided with loan pre-qualification is your
yearly income. By finding this, it will allow for lenders to know
how much you will be able to put into a loan in relation to other
expenses that you may have. Things such as personal debt and car
loans, as well as credit card expenses will be calculated in this
figure to show the first step to finding the right loan.
After these exact points have been added up, the time frame in which
you will pay your loans will be factored in. This will give the
companies an idea of how much you can pay and how this will relate
to the debt and finances that you have coming in and out of your
pocket. This will be defined by using formulas that will relate how
much money you are making in relation to how much you can pay to
balance out your loan. Usually, pre-qualification formulas will
divide things by factoring in ratios for standards of living.
If you want to confirm that you have the right loan, then becoming
pre-qualified is the first step that you will need to take. This
will enable you to move forward with what you want and need for your
loan. By knowing what to expect, you can prepare for the process of
getting a loan and can move into the property that you want.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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