Financing Your New Home
The conforming 30-year mortgage is still the most popular choice for financing a home, but it is far from the only option available. Before you proceed with your purchase, you should be familiar with other mortgages that may offer better rates, graduated payments, tax advantages or even the opportunity to build the equity in your home at a faster rate.
Let me emphasize that this is not merely an educational exercise. Seller’s are typically sophisticated so despite the fact that neither the PQF form nor the LSU must be submitted with an initial offer, sellers will rarely consider offers without assurance that the buyer can qualify to purchase their home.
You should know that if you are really serious about purchasing a new home, your first step should be to meet with a lender that you trust and obtain either a Prequalification Form (PQF) or the more extensive Loan Status Update (LSU). These documents affirm that you qualify for a specific loan amount based on your representations.
Having your pre-qualification letter in hand and ready to go will give you more negotiating leverage with the seller as the stronger of a buyer you are, the better chance of your offer being accepted for the price you want.
For more information about financing options, please call Kelly at the Kelly Cook Real Estate Group at 480-442-9868 or email at info@kellycookhomes.com