Victoria Real Estate Agency Home Sale Listings

Prequalifying Helps Determine How Much House a Person Can Afford

Lake Success, NY (PRWeb) January 23, 2007 -- According to Diana Voyajolu, ABR®, prequalification is a necessary part of the home buying process that helps save time and money.

"Don't be shy or withhold information about your income or credit status. Your real estate professional isn't trying to pry. Rather, he or she must know all details related to your ability to obtain a mortgage," Diana Voyajolu, principal broker of Harmony Real Estate Consultants, says.

"By candidly discussing your financial situation, you'll give the agent the information necessary to show you homes you can afford," Ms. Voyajolu notes. "If you don't open up, you are placing the real estate professional in the role of a tour guide, not someone who can help you find a home within your budget. You'll wind up wasting your time and that of the seller," she says.

Once a person has signed a contract to purchase a home, he or she must choose a lending institution or mortgage company from which to obtain a home loan. A loan application will request financial data including place of employment, assets and liabilities (including recurring debts such as credit card bills and car payments).

Here are two important tips on loan qualification from Harmony Real Estate Consultants: 1) Do not borrow the down payment without disclosing the loan, submit fake letters-of-credit or gift letters or make secret financial arrangements. 2) Accurately list your income and assets, all debts and the approximate amounts you owe.

You'll most likely be charged a credit report fee by the lender, which will cover the cost of having the credit history examined. Credit reporting agencies compile credit reports on consumers, including bill payment history, as well as whether a person has been sued or filed for bankruptcy among other information.

Federal credit reporting laws do not give people the right to inspect the actual credit report at the reporting agency or to receive an exact duplicate of the report. But, people are entitled to a summary containing the sources of the report's information.

If a person's ability to obtain a mortgage is adversely affected by the credit report, he or she has the right to challenge its accuracy and seek corrections.

"The credit report is part of the information the lender uses to determine if you qualify for a loan. It is not a mechanism to prevent you from buying. Remember, lenders want to make loans, not turn them down," Ms. Voyajolu says.

Diana Voyajolu is one of more than 40,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation," with more than 44,000 active real estate professional members of the organization throughout the world.

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