[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” column_structure=”1_3,1_3,1_3″][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/housewithpricetag2.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]When You shop without a pre-approval you may find the perfect home!
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/bank.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]However, when you try to get approved for a loan, you may not be approved at all, or may have to look at homes that are less expensive.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/X.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]This will increase the time spent on your home’s search and start you back at square one.
[/et_pb_blurb][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ text_font=”Open Sans||||” text_text_color=”#44a81c” text_font_size=”40″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]Pre-Approved
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” column_structure=”1_3,1_3,1_3″][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/Preapprovalbank.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]When you start with a pre-approval, from a lender…
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/housewithpricetag.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]You can find a realtor to help you and find a home in the perfect price range.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb image=”https://cindybanksteam.com/wp-content/uploads/2018/05/checkmark.png” image_max_width=”none” admin_label=”Blurb” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]You will be able to find the best mortgage for your home and give an offer along with a pre-approval to show the sender you’re a serious buyer.
[/et_pb_blurb][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”3.22″][et_pb_row admin_label=”Row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ text_font=”Open Sans|on|||” text_text_color=”#e02b20″ text_font_size=”40″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_font_size_tablet=”35″ text_font_size_phone=”30″ text_font_size_last_edited=”on|phone” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]Get Pre-Approved
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A preapproval is a written statement from a lender confirming that a borrower qualifies for a specified loan amount under that lender’s guidelines. While this does not guarantee a loan, it tells you how much you can afford. It also lets the seller know that you are a good candidate for financing under their terms — which puts you in a stronger negotiating position.
Each Cindy Banks Team Realtor® is connected to a network of top mortgage financing professionals, who have access to a wide variety of unique lending options and the most advanced mortgage technology available. As a result, our clients enjoy a hassle-free experience through impeccable execution and timely communication throughout the process.
[/et_pb_text][et_pb_button button_url=”https://cindybanksteam.com/wp-content/uploads/2018/05/Mortgage-Checklist2.pdf” button_text=”Mortgage Checklist” button_alignment=”left” admin_label=”Button” _builder_version=”3.16″ custom_button=”on” button_text_color=”#ffffff” button_bg_color=”#e02b20″ button_icon=”%%3%%” button_letter_spacing_hover=”0″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0″ button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_tabs admin_label=”Tabs” _builder_version=”3.0.87″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”][et_pb_tab title=”Not Pre-Approved” _builder_version=”3.0.48″ body_font=”||||” body_line_height=”2em” tab_font=”||||” tab_line_height=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” body_line_height_tablet=”2em” body_line_height_phone=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em”][one_third]
When You shop without a pre-approval you may find the perfect home![/one_third]
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However, when you try to get approved for a loan, you may not be approved at all, or may have to look at homes that are less expensive.[/one_third]
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This will increase the time spent on your home’s search and start you back at square one.[/one_third_last]
[/et_pb_tab][et_pb_tab title=”Pre-Approved” _builder_version=”3.0.48″ body_font=”||||” body_line_height=”2em” tab_font=”||||” tab_line_height=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” body_line_height_tablet=”2em” body_line_height_phone=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em”][one_third]
When You shop without a pre-approval you may find the perfect home![/one_third]
[one_third]
You can find a realtor to help you and find a home in the perfect price range.[/one_third]
[one_third_last]
You will be able to find the best mortgage for your home and give an offer along with a pre-approval to show the sender you’re a serious buyer.[/one_third_last]
[/et_pb_tab][et_pb_tab title=”Mortgage – Do’s And Don’ts ” _builder_version=”3.0.48″ body_font=”||||” body_line_height=”2em” tab_font=”||||” tab_line_height=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” body_line_height_tablet=”2em” body_line_height_phone=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em”]DO
Do Stay Current On Existing Accounts
– One 30-day notice can cost you.
Do Continue To Use Your Credit As Normal
– Changing your pattern will raise a red flag and lower your credit score.
Do Call Your Mortgage Professional First
– Before making any address or credit changes.
DON’T
Don’t Change Your Job, Retire Or Quit
– Without clearing it with your loan officer first.
Don’t Move Large Amounts Of Money From Bank To Bank
– Please wait until you receive the clear to close to transfer money. If it’s unavoidable, check with your loan officer first.
Don’t Buy A New Car Or Start A New Lease
– Refrain from buying large purchases on credit.
Don’t Apply For New Credit
– Every time you have your credit pulled by a potential creditor or lender, you can lose points from your credit score. This includes co-signing for a loan.
Don’t Max Out Credit Cards
– Try to keep your credit card balances 30% below their limit during the loan process. If you pay down balances, do it across the board.
Don’t Consolidate Your Debt
– When you consolidate all of your debt onto one or two credit cards, it will appear that you are “maxed out” on that card and you will be penalized.
Don’t Close Credit Card Accounts
– If you close a credit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.
Don’t Pay Off Collections Or “Charge-Offs”
– If you want to pay them off, do it through escrow at closing.
[/et_pb_tab][et_pb_tab title=”Map to Closing” _builder_version=”3.0.48″ body_font=”||||” body_line_height=”3em” tab_font=”||||” tab_line_height=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” body_line_height_tablet=”2em” body_line_height_phone=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em”]- APPLICATION – Provide your application and required documents, then set up a time to call and/or meet with your Loan Officer.
- PRE-APPROVAL – Loan Officer provides your pre-approval form to your Realtor® so you are ready to make an offer.
- Go house hunting.
- Make an offer.
- Seller accepts your offer.
- FINAL APPROVAL – Documents are sent to Title Company so they can draw up your closing docs and final settlement statement (Settlement Statement).
- Review HUD with your loan officer and schedule signing. Documents also sent to seller to attorney to be approved. If your seller is a bank, this could take up to 3-5 days.
- APPRAISAL & UNDERWRITING – Provide updated documents if necessary. Once the appraisal is In the file is submitted to underwriting for Conditional Approval. Appraisal turn around time: 5 business days.
- You can now lock your loan’s interest rate.
For those of you who are waiting for the market to improve or rates to go down before making a move, we urge you to look at the mortgage rate history.
Do you remember interest rates ever being lower than they were last year? If so, how long ago was that? Do property values seem to increase over the long run? Let me suggest that the money that you are losing by waiting will never be recovered – and I’ll tell you why.
In the 1990’s; 30 year fixed interest rates over 8% were considered normal and property values still had a long term tendency to increase. If you were to wait for significantly lower interest rates, the rest of the market is likely to still be increasing in value. Therefore, the home that you would like to buy is probably increasing in value along with your current home.
What have you gained? In most cases, nothing — and you risk the increase of interest rates.
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