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Should I get pre-approved?

When should I get pre-approved?

Looking for a new home? If you are seriously looking to purchase a new home, the first thing you need to do is to get pre-qualified or pre-approved! It is so important to understand your budget before you get too far into the home search!Pre-approved

A majority of markets are very competitive and there are often more buyers than their are homes for sale. In these cases, it is even more important to be pre-approved as it shows sellers that you are a serious and competitive buyer.

What determines the amount for which I am pre-approved?

As you can see here, in most cases, there are 4 factors that influence the amount you will be pre-approved to borrow. They are:

  1.  Capacity: Your current and future ability to make payments
  2. Capital or cash reserves: athe money (savings, investments, etc.) that can be used quickly for cash.
  3. Collateral: The home you would like to purchase
  4. Credit: Your history of paying bills and debts on time.

The “4 C’s” will help determine your budget and give you the confidence needed to pursue your dream home! Be sure to get pre-approved before diving into your home search. Contact The Bailey Group with Maryland Elite Realty today so we can help you get started! We will point you in the right direction and then help you find the home of your dreams!

 

IF YOU’D LIKE TO LEARN MORE ABOUT THE FREDERICK AREA, SEE OUR PREVIOUS BLOG POST ABOUT FREDERICK, MD. AND IF YOU’RE LOOKING TO MOVE TO THE FREDERICK OR SURROUNDING AREA AND WANT TO SEE WHAT IS AVAILABLE TODAY, CONTACT THE BAILEY GROUP WITH MARYLAND ELITE REALTY FOR HELP!

Cassandra Bailey

Cassandra Bailey

Cassandra: Cell Phone: 301-788-2549

Email: [email protected]

Val Ellis

Val Ellis

Val: Cell Phone: 301-606-6935

Email: [email protected]

Karen Sorensen

Karen Sorensen

Karen: Cell Phone: 240-409-3870

Email: [email protected]

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