So Question number 10 of the 21 most commonly asked home buying questions. What is a pre-‐ approval? A pre-‐approval is for somebody looking to buy a home. If you’re selling a property you want to make sure the person buying your home is qualified. So, a loan officer or broker or lender has looked at your financials, your credit, your income. As to you, mister buyer or miss buyer are qualified to buy. You are approved for this rate, for this term, for this amount of money. It’s your ticket to home ownership.
Next Question is number 11 of the 21 most commonly asked homebuyer questions. I want to buy another home but I want to keep my current home, how does it work? It’s simple, a lot of people think you must sell your home to buy a new property, but the great news is there are great buying programs to buy a move up home or second or a third home. Where you only have to put down five or ten percent. That five or ten percent can actually come out of the home that you are living in. So, it’s a great option to look at the long term to keep multiple properties for they continue growth. You keep your existing home as a rental and buy a new home for your family or you buy another home as a rental. Either way it is a great opportunity to increase your net worth.
Last question for today is Question Number Twelve of the 21 most commonly asked homebuyer questions -‐ why are some banks easier to work with than other banks? That’s a great question! Not every bank is the same. Some banks have a niche customer and some banks work with all customers because banks with niche customers don’t just do mortgages. They do mortgage, takings and savings investments. While some banks only focus on mortgages so the guidelines are more flexible. They do lower credit scores, lower down payment, and they focus on giving a loan to everybody. And those banks are called lenders or they’re called brokers. The larger depository banks typically have a narrow focus on where they want to work with.
