 |
 |
 |
|
 |
|
Hawaii Realty International, LLC
1888 Kalakaua Avenue, Suite C312
Honolulu, HI 96815
|
|
|
|
|
|
|
 |
|
 |
|
 |
|
NOW that you have your list of features
you want in your new home, you are ready to
start looking! Well, not just yet. You are
going to need to know in what price range
to look. There are two ways to go about this.
You can get prequalified or preapproved for
a mortgage. Either way you will need to contact
a mortgage company. Connect with our lenders
to investigate rates and companies in your
area.
There are some key differences between prequalification
and preapproval for a loan that you need to
be aware of. Loan prequalification is a simple
process. It takes into account very basic
information regarding your financial status
and gives you an amount for which you may
qualify. This can be done strictly on a verbal
level or electronically over the Internet.
The prequalified amount is based solely on
the information you provide. In most markets,
prequalified buyers usually hold little clout
compared to preapproved buyers due to the
fact that the information given during the
prequalification process is not thoroughly
investigated and therefore may be unreliable.
Where a preapproved buyer is actually approved
for a loan of a certain amount, a prequalified
buyer is only told that they might be approved
for a certain amount.
Preapproval is a much more involved process.
The lender will take all pertinent information
regarding your finances and perform an extensive
check on your current financial status. This
will ultimately give you the exact amount
that you will be eligible for (depending on
what type of loan you decide to go with).
Being preapproved lets the seller know that
you have gone through an extensive financial
background check and there should be no unexpected
obstacles to buying the home. You can see
how being preapproved would be more attractive
to a seller than just being prequalified.
The type of mortgage you apply for will depend
on many factors, but the majority of that
decision will be based on your ability to
pay a monthly installment. If you can only
afford a $2000 dollar a month payment, you
are not going to go out and buy a $950,000
home, unless you have a large sum of money
set aside to make a sizable down payment!
Financial planners say that you shouldn't
pay more than 28% of your gross income for
housing (that includes principal, interest,
taxes, and insurance). Depending on your debt
to income ratio, that percentage may change.
Once you have determined what you can afford,
the next step is to choose a mortgage plan.
There are many different mortgages out there,
so take some time and explore all of the possible
plans for which you qualify. You could save
yourself thousands of dollars in the long
run!
Your Team Adams agent can save you
time and money by being your professional
guide through the entire loan process. They
will be able to counsel you on the advantages
and disadvantages of certain types of loans
and help you understand the "real"
cost of a mortgage. Your agent will also act
as your personal advocate and liaison between
you and the lender as you proceed through
the approval process and closing by working
with your lender on a regular basis. |
|
|
|
 |
|
| Prequalify With Us, It’s Easy, It’s
Free, and you never know what you will be
able to afford. |
|
|
|
|
|
|
