Seriously in the market for a new home. In many real estate markets dwelling, land and property prices are in a slump. Its a good time for dealing on the real estate market . Its seriously a buyer’s market. But that is only if you prepare ahead of time – not only for the home you ulti

mately long for – but also that you have mortgage financing pre arranged ahead of final or even tentative negotiations and all the challenges involved.

The story was once told of a person who belonged to a religious order that did not permit the viewing of TV. Yet this fellow was an avid dvd movie enthusiast. When asked the distinction, the answer was very simple and straightforward : “Mong its very simple – TV is TV and a movie is a movie”. In the same way a home financing pre-qualified stamp from your bank , credit union or other financial institution , is not the same as a final stamp of approval proving solidly labeled financing. Mortgage financing “Pre-approved ” is “Pre-Approved” all set to go and finish off that final real estate deal or deals.

A formal mortgage pre approval and approved stamp of acceptance or approval into the banking lending and loan process will provide a basis of both telling you what you or your family can afford when it comes to scouting out the real estate market and as well inform , even broadcast to both home property sellers and their realtors that you are qualified and worth their time , effort and attention and that you and your agent are both in step qualified to both entertain the idea of purchase and for them to deal and negotiate in good faith through the sales , buying and deal closure process.

In most cases , and from most financial institutions – be they actual banks , state banks , credit unions or the now more common mortgage broker – either in person , by phone and fax , or in 2009 / 2010 online, a formal mortgage of preapproval will consist of a credit check on the applicant or applicants, confirmation of course of the applicant’s income or streams of income, and also confirmation of the stated and assured “down payment ” or “deposit”. Lastly there will be confirmation that funds needed for “closing costs” are on board and readily available. If you do have concerns , that for the most part are valid and true, you can be assured that the role of your “Mortgage Ad-visor” will take the time and efforts to discuss the different mortgage financing options and terms that are currently available to you and your family at this point in the financial and real estate markets.

Lastly it cannot be overstressed not to get carried away with either your own ego or up selling on the part of the seller , their agent or even your professional Realtor. Your first responsibility is both to yourself , your mental state and the financial safety and well being of your family. Always remember that first and foremost.

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