Getting pre-qualified is the initial step in the mortgage process. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluation a lender can give you an idea of the mortgage amount for which you qualify. Pre- qualification can be done over the phone or internet, and there is usually no cost involved. The initial pre-qualification step allows you to discuss any goals or needs you might have regarding your mortgage with your lender. Getting pre-approved is next step. you will complete an official mortgage application, pay fee, and than supply the lender with the necessary documentation to preform an extensive check on your financial background and current credit rating.With pre-approval , you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for home at or below that price level.
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I don’t think foreclosures (REO’s) are for everyone. It takes a special kind of Buyer to have the patience and the stomach for these types of purchases.
• Someone else's headache. Do you really want to walk in the door to someone else's repairs and deferred maintenance? YOU will have to pay to fix it up! Do you have the tolerance for that?
• Professional Investors. Cash investors can close FAST (3-10 days). And there are lots of cash investors competing against you!
• Difficult to Finance. Banks don’t want to lend you money to buy a home that isn’t habitable! Yes, there are special programs to assist you with renovation money, but those are more difficult to qualify for.
If you don’t have the tolerance for Foreclosures here’s my advice:
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
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I would need more information obviously but maybe the DTI (Debt To Income) is too high. As well, the bank fees may be a problem. I could do a loan for you with zero bank fees on the front and get you a rate below 4%. I can also do a loan with DTI up to 50% and credit score down to 580. To discuss further, please give me a call@ 914-299-0420... more
Hi, It depends on why the second appraisal was ordered. Based on the fact that the bank felt the second appraisal was needed, I would have to think that they would want it. You should contact the bank or the mortgage representative and make sure. I hope this helps. Good Luck! Phil Greenblatt... more