Potential Deal Killers for Homebuyers
Falling in love with a new home can be exhilarating. It can also be kind of scary, especially when you’re unsure of all the details. What if something goes wrong and you end up losing the deal? Sometimes it seams that how careful you are, some deal killers are unavoidable. Others may be preventable, so pay attention if you hope to keep your deal alive. 1. Don’t Take Chances with Your Mortgage Loan Pre approval One reason for a real estate contract to fall apart is that many buyers don’t completely understand the mortgage process . You can get a loan pre approval, but it doesn’t actually guarantee that you will get the loan. After you receive your pre approval letter and decide to move forward with your purchase, the lender will open your file, give you a big list of paperwork to obtain, order appraisals, credit reports, verify your employment income, and more. Then your information is sent to the loan processor who reviews it all. The processor ...