San Antonio Home Buying - Get Loan Preapproval
Posted by Randy Kelley on March 17, 2009
Extracted from San Antonio Federal Credit Union’s Money Talk, Feb 2009 Edition:
Getting pre-approved for a loan allows you to shop with confidence in your price range. And when you’re ready to buy, it adds credibility to your offer and increases the chances a seller will accept. Here’s what it takes to get pre-approved in many cases:
- 10% down payment for a conventional mortgage. Most home buyers (78%) are willing to make sacrifices to save for a down payment in order to buy a home in the current market.
- Mortgage payment equals 28% or less of your gross monthly income. Your total housing payment, including taxes and insurance, should not exceed that amount.
- Good credit score. Your credit score is a measure of how well you’ve managed debt in the past. A high credit score is a sign of a reasonable borrower, which improves your likelihood of qualifying for the best loan rates.
END OF EXTRACT.
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty needs. Our never ending goal is to serve you exceedingly well.
FOR THE REALTY NEWS YOU CAN USE, VISIT OUR BLOG AT
http://sanantoniorealestate.blogspot.com/
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
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