Some analysts say we're currently experiencing a buyer's market in Kew Gardens. Despite this, there's still a lot of competition for the most appealing pieces of Kew Gardens real estate. In the face of stiff competition, what can buyers do to improve their chances of scoring the home they want?
If you want to buy a home in Kew Gardens, getting a preapproval is a non-negotiable first step. We understand that filling out paperwork and talking finances isn't nearly as exciting as combing available listings for your dream home, but doing this will give you a distinct advantage during your real estate search.
Mortgage Preapprovals: Why They're Important in Kew Gardens Real Estate
Getting a mortgage preapproval won't delay your home search. In fact, this early action will make the entire process smoother! Here are three reasons why you need to get that preapproval before you make a move:
- A mortgage preapproval gives you a general idea of how much money you can afford to spend on a home, although you might wisely choose to spend less.
- The majority of sellers prefer buyers who have a preapproval in hand.
- If you have a mortgage preapproval, you'll have a head start when it's time to complete your official mortgage application.
Collecting Your Documents
The home-buying process is full of paperwork. Mortgage preapprovals are no exception. Here's what you need to accurately complete your application and be on your way to owning Kew Gardens real estate:
- Income statements and tax returns
- Banks statements, retirement account information and other asset records
- Rental income documentation
- All debt records, such as credit cards and student loans
- Bankruptcy and foreclosure documentation
- Miscellaneous regular payment amounts, such as child support or alimony
- Documentation of gifted funds that you intend to use for your home purchase
- Other financial records that your lender requires
Contact Us Today!
If you have your eyes on a piece of Kew Gardens real estate, we'll help you stay competitive! Contact Kew Gardens Realty today to learn more about the mortgage preapproval process.
Connect with us at 718-997-6000 or email us here for more information.
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