Calculators

One of the first questions everyone asks when they're thinking about buying or refinncing their home is "What will my payment be?"  Well, you can find the answer to that question and many more by using the calculators on the popular financial website, The Motley Fool.  This website is a great place to start, but be sure to call us so that we can fine-tune your scenario and get you more accurate answers.

Follow this link to the Home Calculators at The Motley Fool: http://www.fool.com/calcs/calculators.htm#home

Get Pre-approved!

The first step in the home buying process to to get pre-approved.  In the pre-approval process, a mortgage consultant will review your credit, job history, and situation to find a program that fits for you.  You will then know what your true buying power is!  Red Maple Real Estate has broker relationships with many lenders and can find you the loan you need.  For the rare instance where we can't help, we can find you a qualified referral to another broker who can.
 
If you are thinking about purchasing a home, pre-approval can mean the difference between your offer being accepted or rejected!  Many people only take the first step and pre-qualify for their mortgage.  This only takes into account their gross income and monthly obligations with no verification of the information or review of their credit history.  A seller has no guarantee that this offer is coming from someone who can actually purchase their home.  A pre-approved buyer has met with their mortgage consultant and completed a credit application, documented their financial situation and reviewed their credit report.  They approach a seller with a commitment letter from their lender stating that they are pre-approved for a mortgage up to a certain amount based on the property appraising at the asking price or higher.  The seller views them as a "cash" buyer since their loan is guaranteed to be in place on the closing day.  When taking competitive bids, the seller may give more weight to the pre-approved buyer to avoid the risk that a pre-qualified buyer will not be able to obtain a mortgage and the deal will fall through. 

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