1) How much house or condo can we afford? – There are simply too many variables - credit history, income, debt, special mortgage programs and variations in qualifying guidelines between different mortgage types- to answer that question. The only sure way of getting the question answered is through prequalification. The mortgage prequalification step is a relatively simple one, but it is an important one. It begins the process of formally applying for a mortgage, and it gives everyone involved -especially you -a clear sense of direction.
2) Where do I find that house or condo? – By knowing what your financial parameters are, your Constec real estate associate can spend more time looking for houses that "fit" and less time pursuing dead ends. No matter how much you might want a 2000 square foot home for $845,000, if your qualifications say $550,000, your qualifications say $550,000. When it comes to mortgages, "yes, but" doesn't carry much weight!
3) When I find the house or condo, how do I get the best price? Want to strengthen your bargaining position? Get prequalified. Want your offer to stand out in a case of multiple offers for the same house? Get prequalified. Look at it from the seller's perspective. If you had 2 offers on the table for your house, one from a fully prequalified buyer and the other from an "I'll get around to that soon" buyer--to which offer would you devote the most attention? Even if the prequalified buyer's offer was $5,000 less, would you take the chance on the buyer that perhaps may not be qualified? When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies. |
|
 |
| National Rates* |
Today |
Week |
|
In a hurry? |
| 30 Yr Fixed |
5.25% |
5.42% |
|
Call
305-864-3100 (local)
888-266-7801 (toll free)
to apply over the phone. |
| 15 Yr Fixed |
4.79% |
4.93% |
|
| 5/1 ARM |
4.88% |
5.14% |
|
| 30 Yr Jumbo |
6.41% |
6.47 % |
|
| 5/1 Jumbo ARM |
5.44% |
5.63% |
|
PHONE 305-864-3100 (local) 888-266-7801 (toll free)
FAX 305-864-3111
*Rates are national averages and not necessarily our rates. Please call for our rates. |
|
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