Mortgage Pre-Approval for Summit NJ Buyers

Obtaining a mortgage pre-approval is one of the logical first steps before heading out to look at Summit New Jersey Real Estate or homes for sale along the Midtown Direct train line. Basically you sit down with a loan officer and they will discuss your finances with you...your salary, your savings, your debt. Based on this information a loan officer can run numbers and come up with different monthly payment scenarios. There are many different products and/or ways to structure the loan. Obtaining a mortgage pre-approval will only help you understand how much you can comfortably afford so your realtor can arrange for you to visit the homes that make sense for your personal financial situation. The loan officer runs a credit check for purposes of obtaining the mortgage pre-approval and this does not in any way affect your credit rating. The financial industry is well aware that people are buying homes and this is part of the process. Your realtor can recommend a good loan officer who will review the various products and give you a breakdown of monthly payments. This will help tremendously to get you in a comfortable position.

If you are looking at homes in any of the towns along the Midtown Direct, you probably already know that real estate in these towns is very desirable. Having a mortgage pre-approval will put a Buyer looking at homes for sale in Summit New Jersey in a strong negotiating position with Sellers. A pre-approval is stronger than a pre-qualification which is a financial analysis estimating the maximum amount of money the borrower is likely to qualify for. A pre-approval is a written commitment from a lender to hold a specific mortgage amount. This loan is available as long as the property appraises for the purchase price or higher. We require all offers to be accompanied by a pre-approval.

I want you to have a happy house hunting experience!

See my article on Attorney Review in New Jersey

Susan Zanzonico - REALTOR - Summit NJ Real Estate and Homes for Sale - I also assist Buyers and Sellers in Millburn, Chatham, Madison, Morristown New Jersey and towns along the NJ Midtown Direct train line.