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Real Estate £=)■
Eileen M. Day REALTOR --
PREPURCHASE LOAN
It is said that putting the cart before the horse is doing things backward. However, getting a mortgage loan BEFORE you buy a house makes sense to a lot of buyers. It's called a prepurchase loan and it's gaining in popularity.
Obtaining a loan commitment before buying a home has its appeal. With all those verifications, credit checks and other steps out of the way, buyers are able to shop for a home they know they can qualify to buy. Sellers, too, are interested in buyers whose loans are assured. It eliminates the main bugaboo. The process also speeds up the waiting time between contract and settlement - sometimes to only the time it takes to complete an appraisal.
There are possible downsides too. If a buyer's choice fails to meet the lender’s appraisal standards, time may be lost in reapplying for loan approval. interest rates may change so rapidly that a loan commitment gets out of date, since few lenders allow applicants to lock in an interest rate until a contract is signed.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 67£>-3033. We’re here to help.
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