The Importance of Pre Approval

Why Get Pre-Approved?

The first thing you need to do is get pre-approved. This is different from Pre-qualifying, as it is a full loan approval instead of simply an opinion letter. It is best that you take this step before looking at homes. Finding out what you qualify for will help you look in the right price range. You would be disappointed if you found a home you liked and then found you couldn't qualify for it. By the same token you may be able to look at more expensive homes than you originally thought possible. Getting pre-approved will help you in the following ways:

Determine How Much Home You Can AffordPrinceton Capital can determine your purchasing power, which gives you a guideline as to how much home you can afford – before you start looking. We will gladly show you a variety of different types of financing (Fixed Rate, Adjustable, Interest Only, and 100% Financing), and will determine how much you qualify for with each of those types. Based on your desired payment level and type of financing with which you feel comfortable, we can determine your purchasing power.

Know What Your Down Payment Will Be and Provide Financing OptionsYou need to choose a home based on how much money you have available. Based on the funds you have available, we will help you design a loan that will work for your individual situation.

You Should Know What Your Monthly Payment Will BeBefore picking a price range, you should make sure that you can handle your total monthly payment: Principal, Interest, Taxes, Insurance (Mortgage Insurance and HOA dues, if necessary). Turns You Into a Cash BuyerIn today's market, buyers are not the only parties concerned about financing. Sellers are equally concerned. In cases where there are multiple offers for homes, the buyers must put themselves in the best possible position to have their offers accepted. Getting pre-approved also puts the buyer into a better negotiating position, as the seller knows the buyer is ready, willing, and able to buy, and the financing is not in question. Those buyers who are not pre-approved will have less chance of obtaining an accepted offer on the house they wish to buy, and are therefore at a disadvantage.

Call us now and allow us to help you get Pre Approved Today!!

Brian Malcolm & Monica Manocha Re, CMRS
The Malcolm & Manocha Group
http://www.mmgproperties.com/
Direct: 408 399 1495 or Cell: 408 930 5623