If you talk to any real estate professional, before you even step foot into a home, they will tell you that you should be pre-approved for a mortgage first. There are many reasons why being pre-approved is so important, and some of them you may have not thought about. Even when you refinance in UT, you will save time if you can get pre approved.
Why Should You Get Pre-Approved Before Going House Hunting? There is no point in wasting your time by looking at homes you can't afford. It will only make you upset in the long run. When viewing homes outside of your price range, you will get a feeling you can afford more house, and when you go to view homes within your price range, you're going to feel let down. Once you see a great home and fall in love with it only to find out you can't afford it, it's a heartbreaking ordeal.
If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved. There are ways to get a down payment for your mortgage besides having the money saved in the bank.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on "down payment assistance" with your favorite search engine.
Today's lending market has shown that it takes longer to get approved for a home loan. By going through the pre-approval process before you go under contract you can get your inspections done quicker, you can see yourself moving in faster, and have all of your stuff moved in no time. Getting pre-approved for a home loan before you go house hunting or before you refinance in UT is the smartest thing to do.
Why Should You Get Pre-Approved Before Going House Hunting? There is no point in wasting your time by looking at homes you can't afford. It will only make you upset in the long run. When viewing homes outside of your price range, you will get a feeling you can afford more house, and when you go to view homes within your price range, you're going to feel let down. Once you see a great home and fall in love with it only to find out you can't afford it, it's a heartbreaking ordeal.
If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved. There are ways to get a down payment for your mortgage besides having the money saved in the bank.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on "down payment assistance" with your favorite search engine.
Today's lending market has shown that it takes longer to get approved for a home loan. By going through the pre-approval process before you go under contract you can get your inspections done quicker, you can see yourself moving in faster, and have all of your stuff moved in no time. Getting pre-approved for a home loan before you go house hunting or before you refinance in UT is the smartest thing to do.
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Learn more about home refinance in UT. Stop by Harry Kirkland's site where you can find out all about refinance in UT and how it can help you.
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