Financing

Pre-Approval - Your first step when buying a home!

The first and one of the most important steps in buying a home is finding out just how much you can really afford. Whatever your reasons for buying, getting pre-approved by a lender will prevent disappointment down the road. Pre-approval is based on your employment, income, assets, liabilities, and available down payment to close on your home. Many Sellers will not accept offers from Buyers who have not been pre-approved.

Five Great Reasons to Be Pre-Qualified By a Lender:

1. Know your payments in advance
2. Save time on not searching for homes you cannot afford
3. Select the best loan package without feeling pressure
4. Satisfy the seller's concerns
5. Peace of mind
   
   

Financing

A Mel Foster Co. real estate expert can and will show you various financing options for buyers that you may not be aware of and will discuss the likely impact of each alternative on the sale of your property. Depending on the price of the home and/or the amount of your down payment, there may be several options that fit your personal situation:

1. VA (for military veterans only)
2. FHA (Federal Housing Administration)
3. Conventional
4. Other Creative Financing including Owner Finance, First Time Home Buyer Programs, Loan Assumptions, and Lease Purchase.
   

Information your real estate professional or lender will ask (the information provided is confidential with your lender):

1. How much of your savings will go towards your down payment and closing costs, if any?
2. Your annual gross income (before taxes)?
3. Length of time with current employer and previous employer for the past two years?
4. Monthly long term debt payments (such as car payment) and credit card balances?
5. Child care expense and/or alimony?
6. Any credit issues or bankruptcy?
   
7. I work with many different lenders in the Illinois Quad Cities and would be happy to give you introduction, if you do not already have someone you are working with.  A good relationship with your lender is a must have during the home buying process.  Let me help you find the right one.
   

Mortgage Calculators

• Monthly Payments
• How Much Can I Afford?
• Rent vs. Buy
  
  

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