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Loan Pre-Qualification vs Pre-Approvals

Whether you’ve found the right home, you’re just starting to look at homes, or getting ready to make some offers and want to make sure you’re really approved with no surprises you need to talk to a lender. The term “Pre-Approval” is probably the most abused of all mortgage terms. Getting a Box Home Loans Pre-Approval means making offers with

The term “Pre-Approval” is probably the most abused of all mortgage terms. Getting a Pre-Approval means making offers with Underwriter Approval on Credit, Income and Assets.  Lenders try to pass off Pre-Qualification as a Pre-Approval, and they throw the term around like a cheap suit. Be careful. Pre-Qualification and Pre-Approval are not the same thing. Which one is right for you?  You decide.

Pre-Qualification

Pre-Qualifications are an issued opinion from a lender letting you know if you would qualify for a loan. A loan officer will analyze what you tell us you make and what you state your assets are. As long as what you state is accurate, a pre-qualification is generally accurate but still needs to be reviewed by an underwriter. If all you need is a quick answer to ‘can I afford this house payment?’ – then get a pre-qualification. If you’re ready to start placing offers on homes, you really should get pre-approved.

Pre-Approval

A Pre-Approval means that lender will fully underwrite your application, credit report, and income and asset documentation prior to you actually making an offer on a home. Here are the reasons why a Pre-Approval is a good idea:

  • Know Before You Go. Do you really want to spend two weekends in your real estate agent’s car, looking for homes, only to learn after you get a home under contract that you don’t really qualify for a loan of that amount?
  • There are literally more than a 110 reasons why a loan could be declined. Sure, those 110 reasons probably won’t apply to you, but why risk it? Take all the guesswork and “hope” out of the loan process by getting a Know Before You Go pre-approval.
  • Sellers take Pre-Approved buyers more seriously. Imagine how much differently sellers will view your offer when your agent tells them that your loan has already been underwritten.
  • Close more quickly. By completing the Pre-Approval before you look for a home, you will have completed the majority of the work up-front. That means that you can close more quickly after your home is under contract.
  • Stronger negotiation power. If you can close more quickly, you may be able to negotiate a better deal with a seller, who will be more likely to consider your offer over comparable offers from buyers who still need to go through the entire loan process.

– See more at: https://www.boxhomeloans.com/purchasing/ready-to-make-offer/#sthash.i2HxU8Lu.dpuf

May 23rd, 2016

CDA Properties – Real Estate Happiness

The CDA Properties mantra is “Real Estate Happiness!”

Do you know what?  I enjoy being happy!  Am I happier than others or do I know a secret you don’t?  Probably not. But i do know that when I am happy, my days are better, my relationships are better, and I just feel better.

We can each have different activities, people, interactions, delicious desserts, traditions, places, memories, songs and things nobody else might ever understand that make us happy.  In fact, I am positive I would be happy right now if I was eating ice cream and watching a great movie.  Some of you would be much happier if you were fishing, hiking, or lying by a pool. And we are all right.  It is such a great thing that we are each unique in what makes life good for us.

At CDA Properties, we believe that where you live plays a huge role in your happiness. We all need a place to call home.  As real estate agents, we want to help you through your journey to find your next home.  Maybe the condo you are renting is too small because your family just grew with an adorable little baby.  Or congratulations are in order because you just got that new job, but that means you need to move to a new area.  How many of you want to find out the benefits of owning your first rental property or want to buy another rental because you already know how great it can be?

To us, Real Estate Happiness means we are the industry experts that get to find out where you want to go and how we can help you get there.  We love walking first time home buyers through their first purchase.  That smile on your faces when we help you find the perfect place makes the work we do every day well worth it.  The best day of my career was when I gave the keys to a family and as the door closed, I walked down the driveway and heard them scream in joy because they were so excited they were moving into that house (True Story and we laughed about it together later when they found out I heard them.)  I was able to help them find Real Estate Happiness.

We want to be there for it all.  We have clients that have rented from us as tenants, worked with us as agents to purchase a home, and then hired us to manage that home when it turned into a rental property.  We got to see the happiness come from each step they took.

That is what drives us and we want to help you create your Real Estate Happiness.

October 30th, 2014

CDA Properties Joins National Association of Property Managers

Salt Lake City, CDA Properties, as a local leader in the residential property management field, CDA Properties was recently accepted as a member of the National Association of Residential Property Management (NARPM), joining more than 3,300 residential property managers throughout the United States.

NARPM is a nation’s only professional organization for manager of small residential properties, from single unit to 4-plexes. Members represent of $6 billion worth of residential properties nationwide. NARPM was founded in 1988 and continues to grow rapidly. It provides networking, education and public relations services to professionals with the residential property management arena.

CDA Properties has always maintained the highest standards in our profession and now we have the endorsement to boot. Through continual refinement of our processes we have become more efficient in order to better care for our both our homeowners and tenants.

Should you come across our site and desire a free consultation for property management services and agent would be glad to visit with you at your home and see what we can do for you. Please feel free to call 801-268-4134.

April 16th, 2013

 

 

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