Margaryta Booth Principal Broker

King Neptune Statue on the Boardwalk in Virginia Beach

How To Get A Loan

Why get pre-qualified to buy a home

With the Interest Rates starting to climb don’t miss your opportunitypre qualify to lock your loan in the lowest offered rate for your home purchase. I work together with great experts in the field of Mortgage Lending, you will find the skill, professionalism, and consideration they give to each of our personal clients. It makes getting your loan a successful endeavor. Once you have an idea of the type and the size home you want and the area you’d like to live in, you need to get Pre – Qualified with the Lender. By doing this before looking for a home, you will save yourself time, energy, and unnecessary emotional let downs.

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The Benefits of One-on-One consultation with the Loan Officer:

Determine your Purchasing Power: The Pre-Qualifiied buyer has the advantage of evaluating your current financial situation and help to determine the price range for your future home.

Determine what your potential monthly payments may be: You will receive the estimate of your monthly Principal, Interest, Taxes, and Insurance (PITI) payment.

Identify Loan Programs that May Fit Your Needs: With the wide variety of loan programs available, it is important to know which types might and suit your needs.

Strengthen your Offer: Sellers are more inclined to accept realistic offers when they know that you have already been pre-qualified.

Determine Alternatives and Strategies: Your lender can help you determine the strategy you may need to buy the home of your dreams.  Some examples include:

  • Special First-Time Homebuyer Program, which have low down payment requirements and sometimes a lower market rate.
  • Debt Consolidation Direction– by restructuring your debts, you may be able to afford more “home” and end up with a lower total monthly payments.

In order to become Pre-Qualified, the Lender will need to know the following:

  • Your Income
  • Your monthly debts and obligations
  • Current housing expenses
  • Your total Assets
  • Social Security Number

What to bring to Loan Pre-Qualification Consultation

Receive Pre-Qualification Letter and start shopping: When you are pre-qualified with us, you will receive the Loan Pre-Qualification Letter to give to your Realtor. I will use this Letter to present with the Offer. The Seller may be more likely to accept your contract because they know you are a serious Buyer. It is time to start shopping!

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