United Atlantic Mortgage in Virginia works hard to simplify the mortgage process for you. Our dedicated lending specialists are here to help.
Qualifying a buyer means verifying that they have the financial resources as well as intent to purchase a home, soon. Everyone likes to look, but in order to be productive and efficient at their jobs, realtors must qualify buyers prior to committing. Once you’ve been qualified, you can get to the fun part: shopping.
Factors to Determine Buyer Qualifications:
Realtors will consider a number of factors when determining your candidacy as a serious home buyer, including:
- Pre-Qualified or Pre-Approved for Loans: This is important, as it demonstrates that you’re serious, and you’ve already taken a few of the necessary steps to get started. It also shows that you’re likely to have the means to purchase a house once you’ve made a decision.
- Length of Time Searching: If you’re already looking at homes, your potential realtor will be interested in number of details, including price, location, and more. One of the key questions you will likely be asked is how long you’ve been looking. A lengthy search indicates that you’re not serious about buying right now, and may lead the realtor to determine that the relationship is not a good fit at this time.
- Current Housing Situation: If you need to sell your current home in order to purchase a new one, that changes your realtor’s strategy. Be sure to let them know information such as this up front, so that they can plan accordingly and help you make the necessary arrangements.
- Income, Payments, & Major Purchases: If you’ve got a lot of debt, bills, or plan to make major purchases (which may incur debts or bills!) you need to let your realtor know. Together, you can decide whether buying a home is feasible for you right now. A career change can affect your pre-approval, so talk to your realtor and develop a strategic plan for these life-changing decisions.
- Next Steps: If your realtor is satisfied with your responses, they may ask you to take some action, such as speaking to their lender. If you’re ready to initiate your homebuying process, and you feel that this is the agent for you, then go for it! You’ll be one step closer to your dream home.
Contact United Atlantic Mortgage in Virginia Beach today to find out if you qualify!