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Getting Pre-Approved Should Always Be Your First Step

April 19, 2018 By For Buyers Only Realty St Augustine

Getting Pre-Approved Should Always Be Your First Step | MyKCM

In many markets across the country, including here in St Augustine and St Johns County, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

Whether buying your first home or your fifth, having a buyer’s agent who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality here in St Johns County Florida (serving St Augustine, Nocatee and Ponte Vedra, Ponte Vedra Beach and St Johns)!

Give us a call today and we will be happy to put you on the track of a new home here in St Augustine, St Johns, Nocatee or Ponte Vedra. For Buyers Only Realty is the only Exclusive Buyer’s Agents in Northeast Florida. 100% Buyer Representation at no cost to you! We are the Wife-Husband team of Dedicated Buyer’s Agents!

Call Sharon Stevens at 904-687-5220 or Dwight Cole at 904-466-4630.

Filed Under: Real Estate Market

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Property information is not guaranteed. © {{{current_year}}} MLS and FBS. Prepared by Northeast Florida MLS, Inc. on {{{last_update_dt}}} 12:00AM. The information on this sheet has been made available by the MLS and may not be the listing of the provider.

IDX information provided courtesy of the St. Augustine & St. Johns County Multiple Listing Services, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS.

Listing Data2 last updated: 5th March, 2021 05:00 MST
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