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Pre-Qualifying Works to Homebuyers' Advantage
By getting pre-qualified for
a mortgage, buyers can eliminate much of the stress of the
home buying process, narrow their focus to only those homes they can
afford, and clear up any credit or documentation issues upfront.
Most importantly, home sellers and real estate agents view those who
have been pre-qualified as serious buyers who are less likely to
pull out of a deal because they cannot line up financing.
Pre-qualification additionally helps buyers with shaky credit to
improve their standing so that they will be able to purchase a home
in the near future.
Some lenders actually even pre-approve eligible buyers by asking
about their income, length of employment, savings, and debts and by
looking at their credit report. To obtain the actual approval, the
buyers will then need to provide only their bank statements, W-2s,
and pay stubs.
"First-Time Buyers: Pre-Qualifying for a Loan Saves Time,
Trouble," Atlanta Journal-Constitution (04/27/03) P. 62HF; Cauley,
H.M..
Abstracts Copyright © 2003;
Information Inc., Bethesda, Md.
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Tri State Realty, Inc.