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The Tampa Bay Areas' Favorite Source for Real Estate and Financing Needs |
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Get Pre-Approved WHEN YOU ARE PURCHASING REAL ESTATE YOU WANT YOUR REALTOR TO BE ABLE TO REPRESENT YOU AS BEING A FINANCIALLY STRONG AND CAPABLE PURCHASER. PRE-QUALIFICATION VS PRE-APPROVAL: Most Realtors realize the difference between a pre-qualified buyer and a pre-approved buyer, and they will let their sellers know the difference. And, the difference is dramatic. Not having the right documentation regarding your qualifications could cost you losing out to another buyer even though your offer was higher than the other party. Most pre-qualification letters are given by lenders to a potential borrower without any assessment of the accuracy of the information that the borrower supplied the lender. The lender's pre-qualification letter normally has numerous caveats about the borrower's ability to be able to secure a loan (i.e. subject to credit report, verification of income, employment, financial statement, etc.) In other words the pre-qualification letter has little value to a seller of a property regarding your ability to get a loan. Once you have made the decision to start looking for a property to purchase (regardless of whether it's a new home, a second home, investment property or land) you need to be aware of what's in my previous sections regarding FICO scores and lenders. Once you have made a decision on a lender you will want a pre-approval letter from them. The letter should state the lender has analyzed your credit report, verified information on your financial statement, and you are qualified to purchase a property. I suggest that you do not have a dollar amount of the loan you can qualify for in this letter. This could work against you. You always run the risk that the higher the purchasing power you have the more likely a seller will feel comfortable in countering your purchase offer to a higher price! The objective is for your Realtor to present an image of a well qualified buyer. Getting pre-approved will also save you time with your permanent loan application once you have identified the property you're purchasing. Call 813-265-2494 or Toll Free 1-877-478-5794 Superior Service to one Satisfied Customer at a Time!
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