amount of borrowing power you would lose on a home with a $300 monthly association payment versus a property with no association dues. Also, that $45,000.00 extra loan amount may carry with it extra tax-deductible interest that the association dues payment does not. These are all very important factors you need to consider when deciding what types of homes you want to be looking at. Lastly, many lenders call their "pre-qualifications" "pre- approvals". What is the difference? A pre-qualification is when the lender just asks you how much you make, how much money you have in the bank etc. They may also pull a credit report. Based on that information, they will issue a letter of qualification to you. If they have NOT asked you for pay stubs, bank statements, tax returns, or W-2s, the letter of qualification is ONLY a pre-qualification and for purposes of submitting an offer, it is basically worthless no matter what they call the letter. Please make sure you supply your lender with the required information so they can issue a real pre-approval. I cannot stress enough how important this is. The verbal information you provide may not be what the lender can actually use when underwriting your loan. If the lender issues a qualification letter based on your verbal information, you could be in for a rude awakening when you get to closing and the underwriter goes through the now verified information only to find that you really don't qualify for the amount they originally told you.
So please make sure you get a true pre-approval!
HOW TO MAKE YOUR FIRST OFFER THE BEST OFFER
Making your first offer is an important step that needs a
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