Confidential Personal Counseling to Determine Your Needs
A personal consultation will help Grafel's Team find you the type of home that meets your needs. My Team will also discuss your financial situation with you in order to determine the price rate that will be suitable, if you have not already been pre-qualified. It is important Grafel’s Team or your lender to know:
- How much of your savings you intend to use toward down payment and closing costs;
- Your annual gross income (before taxes);
- The length of time with your current employer and previous employers for the past two years;
- Your monthly payments on long term debts (such as a car payment) and credit card balances;
- Child care expenses and/or alimony, if any; and
- Whether or not there have been any bankruptcy or credit problems.
**The information you provide will be held in strict confidence.
Pre-Qualifying and Lender Requirements
Grafel’s Team is familiar with the lender’s requirements and will be able to determine your price range and your ability to qualify for a loan by using the above information. In this counseling session, Grafel’s Team will tell you approximately how much you can anticipate in closing costs needed at the time of closing. Grafel’s Team may suggest that you actually meet with a lender before house-hunting if there is any question regarding your qualifications or simply to get a head start on financing.
Great Reasons to be Pre-Qualified by a Lender
- You will know in advance what your payments will be.
- You won’t waste time considering homes you cannot afford.
- You can select the best loan package without being under pressure. There are several options to choose from in today’s market.
- Sellers may find your offer to purchase more favorable if they know in advance of your ability to secure financing. This may make your offer more attractive if you are in competition with others.
- You will have peace of mind.
Depending upon the price of the home and/or the amount of your down payment, there may be several options that fit your needs. They include: VA (for military veterans only); FHA (Federal Housing Administration), and Conventional, In addition to these traditional methods, a variety of other creative financing includes Owner Finance, First Time Home Buyer Programs, Loan Assumptions, and Lease Purchase.
Grafel’s Team can recommend several lenders who have earned our trust and with whom we’ve had good experiences in the past. A preliminary loan application is scheduled with a loan originator. The loan originator’s goal is to expedite all the necessary paperwork and information, including ordering a credit report and appraisal of the property. You will need to furnish the lender with the information as outlined on the items needed for loan application page.