LBI Home Buyer Qualification
So you have decided to buy a home in the LBI real estate market! Great! Unless you are a cash buyer you will be in need of a mortgage to complete the transaction. It is advisable that before shopping for a home on Long Beach Island that you speak with a lender to understand what you can comfortably afford. This will result in the generation of a prequalification or a preapproval letter. These documents will convey to a seller that you are able to complete the purchase. These documents are however based on timely information provided to the lender from the buyer so understanding how to stay qualified when shopping for a home in the LBI real estate market must be understood by all buyers and investors.
How to Stay Qualified When Shopping for a Home in the LBI Real Estate Market
There are a few simple steps at all buyers in the LBI real estate market should take to ensure their qualification stays intact. They are:
- Do not open new lines of credit: This includes credit cards, credit lines, etc.
- Pay your bills: While this may seem obvious, make sure no bills are late to avoid any blemishes on your credit report
- Avoid large purchases: Wait until after closing to purchase a new car, refinance a home, or make other large purchases as they could be red flags on your credit statement
- Avoid large deposits: This is especially true if the cash is undocumented. Most lenders will want to see proof of a deposit over a certain amount, usually $7000, so make sure any deposit to make can clearly and legally be documented.
Buying a home in the LBI real estate market is no doubt a major purchase. There are many steps must be taken to complete such a transaction. Obtaining a mortgage is a lengthy process so anything you can do to streamline it will only aid you. For more information about how to stay qualified for your LBI real estate purchase order for information about buying a home in Long Beach Island, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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