Home Buyer's Guide - Mortgage Pre-Qualification
If you will be financing your upcoming Ocean City real estate purchase you will want to get pre-approved for the mortgage prior to looking at homes. There are several advantages for securing mortgage pre-approval ahead of time:
- Financial Goals - Getting pre-approved ahead of time will ensure your upcoming real estate purchase aligns with your overall financial strategy. Through the mortgage pre-approval process you will know what to expect in regards to monthly payments and closing costs.
- Right Homes - The last thing you want to do is fall in love with a home that does not fit into your financial strategy. Conversely, you do not want to short-change yourself and miss out on a good opportunity that you could have qualified for. Getting pre-approved for the mortgage takes out the guesswork and will establish a definitive price range for you.
- Stronger Offer - Sellers are more likely to accept offers from Buyers that are pre-approved for their mortgage loan. The loan pre-approval lets the Seller know you are a qualified Buyer and capable of fulfilling all aspects of the purchase process. This can be especially beneficial in competitive real estate markets and multiple offer situations.
- Better Negotiating Ability - Buyers with loan pre-approvals can typically negotiate better terms and pricing than Buyers that are not pre-approved.
- Faster Closings - A mortgage pre-approval can help speed up the closing process once you go under contract on a property. The lender will already have your pertinent information and a majority of the supporting financial documents.
Purchasing an Ocean City home or condo in a coastal area will be a different mortgage process than the one you went through to purchase your primary home. Due to these unique nuances (condominium associations, shared insurance policies, etc.) it can be helpful to work with a local Ocean City mortgage lender that is familiar with coastal real estate markets.
The mortgage pre-approval process is simple and can be accomplished with a short phone call and a few supporting documents. I would be glad to connect you with an experienced, local Ocean City mortgage lender when you are ready.
If you would like to discuss the mortgage process in greater detail or have any other questions pertaining to real estate in Ocean City, MD or the surrounding areas, feel free to contact me directly at 443-614-9179 or via email below.
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