It's definately a buyer's market. Combining the red hot bank owned market and the low interest rates makes this a great time to buy. But in today's enviroment, if you are thinking about purchasing a new home, choosing the right company to work for you is critical. With so many government, state, and local incentive programs available, a lack of knowledge can not only cost you money, but can affect your ability to qualify in the first place. These programs have a whole new level of complexity and change often. Our team of experts are always up to date on the latest purchase programs available.
Below is some excellent information to help better familiarize yourself with the purchase process. You should also visit out Learning Center for more in depth information regarding the mortgage process.
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Prequalification or Preapproval... why you might need both!
Let’s start with the difference between the two. Prequalification is a simple one step process to gather information. The information about you is used to calculate risk and convey to you facts about what you might likely be able to afford and predict what a banks results will be. This is an important step in your education about buying a home and can reveal if you are ready as well as any risk factors that might need to be worked through. Preapproval is the act of making the prequalification reality! Documentation and proof of the information is provided to an underwriter who can review and approve your loan based on verified facts. This has many more benefits. The first being no matter who the seller is, they will know you are serious and capable of buying that home. A bank approval is also required by many bank owned homes and short sales before you can even submit an offer. Finally, and maybe most important, it gives you confidence in knowing that because you’re approved you wont be taking much risk. When you find something you like, you can go after it!
Why Pro City Mortgage
There isn’t a more prepared company to help you through the process. For starters we provide a double guarantee on EVERY loan. We employ an elite team of experienced and knowledgeable mortgage specialists as well as an efficient processing department. That means we can handle even the hardest scenarios and your loan gets quality service from start to finish. Finally, Pro City Mortgage means one call for all your needs. With access to licensed real estate agents and insurance specialists screened for experience, skill, and great service, you won’t have to search to take the next step. Put the power of Pro City on your side and call now.
Is now the right time to buy?
We have never seen a time like the present to buy a home. Whether you’re a first time home buyer or looking to upgrade to a larger home, the affordability of homes hasn’t been like this in years. The newly lower housing prices along with extremely low interest rates means that many can own a home for near the same or less than what you pay in rent each month! Don’t forget your tax breaks. With up to $8000 from the federal government, there has never been this type of incentive to by a home either. Act before it’s too late and call your procity mortgage specialist now to get your Preapproval.
