TIME IS MONEY, SO...
Extra Realty, Inc. recommends that you get Pre-Qualified. Choosing the right mortgage product can be another project all together although in recent times FHA is, in most cases, the most attractive mortgage product. Two or three years ago, it was possible to get a mortgage product that offered you 100% LTV with zero origination and discount fees. Those days are almost gone. But if you're well informed (GLOSSARY), this process can be comfortable and can save you TIME and MONEY. We recommend that you get pre-qualified before you begin searching for a home, and here area some of the advantages for doing this:
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 the 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 can 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. You may oredr a credit report only or by phone, access www.AnnualCreditReport.com and bring it with you if you choose to visit a lender or have it available when you call one, and ask for a pre-qualification letter or their equivalent and/or you may may want to ask for s GOOD FAITH ESTIMATE. 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. You may access www.AnnualCreditReport.com to order a free report and see your credit backgrownd.
We are available to assist in this process. Please feel free to write or call .
We highly recommend that you review the video below. It is extremely informative.