1.
You know exactly how much out of pocket money you are going to need for a down payment and closing costs. Not to mention that you'll know how much your monthly payment would be. For an estimate, you may try our mortgage calculator.
2.
You know price range of the home that you want to look for.Once you have identified a home you want to purchase, you have a higher leverage towards negotiating with the seller by being able to prove that you can afford it, and that you can buy quickly.
3.
And, you save time. You don't have to, once you have signed an option to buy contract, begin a process of looking for the ideal mortgage product. This could take you weeks. And REMEMBER, interest rates have begun to climb up. So the longer you wait, the more expensive may be to purchase a home.
4.
Also, some times there are errors that show up on credit scores. This is a good time to catch them and correct them.
This will save you TIME and MONEY.
NOTE
:
You need to be aware that your credit has a value. It's called "credit score". And it is the factor that matters the most
when a bank reviews a mortgage application. Now, the more your credit report is accessed, the lower your score gets ( in 2005-2006 there were changes that allowed a borower to have his or her credit report accessed without affecting the score, so long as it happened in the same industry and that it happened with a given period of time ). So, we recommend that you go to any or all of the credit reporting companies [
Equifax
,
Trans Union
and
Experian
and ask about this or any other question related to the subject matter. You may contact us for the addreses and phone numbers of their offices in Puerto Rico and ask for a copy with which you will go to the bank or call the bank. This way, each bank does not have to pull out a credit report, hence not altering your credit score.
We are available to assist in this process. Please feel free to
write or call
.
Brought to you by IslaVerdeRealtor.com, CondadoRealtor.com, PlayaAzulRealtor.com.