If you want to get a second mortgage so you can make renovations to your home, it can be difficult if you have poor credit.A second mortgage can use a home’s equity as collateral for a second
Pre Approval Is Good For Everyone
Buyer’s mortgage pre-approval is good for everyone in the transaction. It saves time, money and removes the uncertainty of knowing whether the buyer will be qualified after negotiating a contract. The direct benefits include:
Looking at “Right” homes - price, size, amenities, location
Find the best loan - rate, term, type
Uncover credit issues early - time to cure possible problems
Negotiating power - price, terms, & timing
Close quicker - verifications have been made
There is a significant difference in having a trusted mortgage professional take a loan application and run all the necessary verifications compared to going through calculators on a lender’s website. Beside the peace of mind, the cost of being pre-approved is a bargain and generally, limited to the cost of the credit report.
Even if a person has been pre-approved, a second opinion from a different lender may be a good option. It can verify there is a good deal or you’ll discover that you can improve it. Either way, it works to your advantage. Contact me if you’d like a recommendation of a trusted mortgage officer.
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The Pawcatuck Real Estate Market Report is a monthly statement of the average sales price, the median list price and the median price per square foot for Pawcatuck homes for sale.