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Pre-Appoval

 

What is Loan Pre-Approval and why do I Need One?

Getting a Pre-approval before you actually start searching for a New Home, can work towards serving a no. of purposes:

  • Facilitates Advanced Planning and Budgeting
  • Helps in Narrowing Down Your Search
  • You get prior knowledge of your monthly dues, the rate of interest on your loan, the costs required for closing, a possible estimation of your property taxes and hazard insurance dues etc.
  • Lends you a more powerful and better position in terms of negotiation
  • Higher possibility of getting the home you prefer at the price listed below
  • It is absolutely FREE! Get pre-approved now.

Pre- approval facilitates advanced planning and budgeting and it is done even before the property is located. Through this a potential buyer applies for financing for a stated loan amount (on a property yet to be located) with a lender of his choice. It then becomes the lender’s job to underwrite the application, which is based upon a no. of factors such as the credit profile/history, income, employment details and assets of the potential buyer. Once a property is determined,, this is subjected to a possible appraisal and other important steps related with the documentation process like the preliminary title report, a purchase contract etc.

Again, it is absolutely free (though some lenders might charge you for preparing your credit report).

A pre-approval is usually valid with a lender for about 2-3 months (for about 60-90 days).

Any potential buyer, or his/her representative or agent, can get a written notice of pre-approval from the lender. The offer of a potential buyer to purchase a property can then be presented to a potential seller along with this pre-approval notice.

Pre-approval is now seen as a serious consideration of a potential buyer's offer because there can be multiple offers on a single property in the current competitive real estate scenario and has therefore become mandatory for these purposes.

So, if buyers choose not to become pre -approved by a lender, it can act as a major drawback on their part , they actually require their lender to do so for them.

 

 
 
 
 
 
 
 
 
 
 
 
 


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*Rebate is available only to buyers who close escrow/proceed to final settlement with DSL Properties LLC. acting as their sole and exclusive agent in the purchase of real estate in Texas The Rebate is valid only if the broker commission actually received at the close of escrow/settlement is 3% or more. Reduced cash-back amount is available for lower commission received. Occasionally, the seller and/or listing broker in a transaction will offer the broker representing the buyer a bonus or other additional incentive over and above the cooperating brokerage commission. Any such bonuses or other additional incentives are separate and apart from the cooperating brokerage commission actually received and buyer is not entitled to a rebate on any bonus or other additional incentive monies paid over and above the cooperative broker commission. For homes with a final sales price of $99,999.99 or less, the rebate is not applicable. The Rebate will be paid or credited to the party or parties named as the "buyer(s)" or "borrower(s)" on the HUD-1 Closing Statement or equivalent official closing statement. All buyers must sign a Buyer's Representative Agreement and/or a Rebate Agreement before any rebate will be issued. This rebate program is only available where permitted under state and federal law and when not otherwise prohibited by the buyer's lender(s). There may be tax consequences to the rebate. If you need legal or tax advice, you should consult with the appropriate professional. Offer subject to conditions, limitations, exclusions, modifications, and/or discontinuation without notice.
 
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