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1. If you're a seasoned homebuyer, you're already familiar with
prequalifying with a bank to find out how much home you
today's competitive real estate market, a seller won't take y
without proof of your ability to fund the purchase. The botto
can qualify for hinges a lot on you.

2. The amount of loan you can qualify for depends on several v
boost your income each month? Can you rearrange your b
optional expenses? What method of financing are you consid
approved for a first time home buyer plan? Does the new h
some sort a special financing? Are you planning to seek the
friends to fund your deal? Can you rent out a portion of t
additional income. These are just a few of the many factors a
can afford.

3. Your answers to these questions affect the amount of home
you check property listings, try contacting a local Realto
representative with expertise in complicated deals. Avoid rel
prequalifications or ones based on generic fill-in-the blank
What kind of home you can qualify for depends greatly on th
bank and seller you're working with.

4. When you receive a prequalification from a certain lender, it
a rough estimate of what you can purchase when you use th
won't show you all the possible financial arrangement you c
of. The only method to uncover all your available options i
negotiate on as many properties as you can

5. The lender's prequalifications only reveals what you can affo
the financial information you given. The disadvantage of be
the mortgage lender is not bound to offer you a

6. The only method that will almost guarantee your ability to s
loan is to qualify for a pre-approval. You can get a lender to p
a certain loan amount, even if you haven't started searching
major benefit of receiving a pre-approval is you can negotiat
because you know your exact limitations. Plus Realtors a
negotiate more seriously with you since they know you'r
approved.

7. However, like a pre-qualification, there are several factors th
borrowing limit such as the type of lender, mortgage pro
rates, and your credit history. Be aware a particular pre-appr
you with a limited snapshot of your borrowing capabilities. A
does not guarantee you'll actually get the loan. The lender m
your information and verify you and the property fulfill o

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