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|Pre-Approved Home Loans With Bad Credit: Why It Is Worth The Effort Finance Articles | May 21 , 2013
Getting pre-approved home loans with bad credit is no different to normal applications - the process is simply before home hunting begins. Besides, there are clear advantages to taking the time to get pre-approved.
Securing a mortgage can be a stressful process, but it is only to be expected that mortgage providers carry out detailed reviews of applicants. The problem is the time it takes. With that in mind, it may be worth seeking a pre-approved home loan with bad credit, to counter delays in closing on a property deal.
The chief concern for those of us who have found our dream home, and are anxious to complete the purchase , is time. Taking 90 days to get news on whether the funds will be released or not is almost too hard to bear. But with pre-approved mortgages the search can begin in the confidence that the funds are already available.
Still, the concept needs to be understood clearly before any applicant should rush to get a pre-approved home loan. That is why we have put together this brief guide on some of the key points.
What Does Pre-Approval Really Mean?
Actually, it is pretty self-explanatory. Applying for a pre-approved home loan with bad credit basically means that the required funding to buy a home is confirmed as available before the search for a home begins. The process involved in securing the approval is precisely the same as normal applications.
What is different is that a lender will give a successful applicant a letter verifying that a certain amount of funds has been approved and is available upon request. This letter is a guarantee of a pre-approved mortgage, so when producing it, it is as good paying.
While approval will still take between 60 and 90 days, the result of getting a home loan pre-approved is that the concern over funding is gone. So , the search for the right home can receive your full attention.
Other Useful Advantages
While getting a pre-approved home loan with bad credit does offer a great deal more convenience and peace of mind, there are other useful advantages to it too. For a start, it puts the home hunter in a much stronger negotiating position.
When negotiating a price, any uncertainty over the funds attainable from a mortgage provider can affect the deal that is finally done. In fact, it can even cost the deal completely. But with a pre-approved mortgage, the buyer can know with certainty what they can afford.
Also , in some cases, real estate agents may offer a discount if payment in full is received within a certain period of time ? especially when the seller is seeking a fast sale. So payment within 10 days could mean $190,000 is paid instead of $200,000, making the actual home loan a little more affordable.
Securing Pre-Approval Mortgages
The process involved in securing a pre-approved home loan with bad credit is no different to the normal process. The only difference is really timing, and a few extra fees that the mortgage provider may charge.
The applicant sends a selection of documentation to the mortgage provider for them to examine , including those relating to employment information, financial and credit status, credit history, list of liabilities and assets etc.
Successful applicants will then get a written document confirming the pre-approved mortgage including, interest rate, and the available down payment. There may be a fee to pay upfront for processing , but such a cost is worthwhile. Pre-approved home loans are more convenient after all, and the process of negotiating a property price can begin in confidence.
Suffolk has a number of outstanding natural landscapes and natural coastlines and for these reasons is a very popular destination for many visitors throughout the year. With a host of hotels in Suffolk to accommodate your stay, from small establishments to larger fully serviced properties, you are bound to find the perfect place to stay.
Accommodation in Suffolk offers a variety of choices, from country house hotels, coastal hotels , bed and breakfasts and self-catering, but if you are looking to choose a coastal hotel in Suffolk, then you need to be looking at town’s and villages along the coast, places such as Southwold, Aldeburgh, or the hidden gem of Thorpeness.
Thorpeness village , built at the start of the last century by a wealthy Scottish barrister with a penchant for mock Tudor and Jacobean architecture, has so much to offer the holiday visitor.
Just 5 minutes’ walk to the stunning beaches of this coastline it also has a 60 acre lake where visitors can hire boats by the hour and visit the little island, all named after Peter Pan characters, it is a wonderful place to stay, where the visitors feel as if they have stepped back in time. Perfect for either a romantic holiday or family fun for all, the village offers cycle hire , has easy access for country walks and is close to Minsmere, a popular local bird reserve.
Close to the Meare is the wonderful Thorpeness Hotel & Golf Club, a 36 bedroomed 3 star hotel, where you can be assured of a peaceful stay as its location is tucked away from the centre of the village and is surrounded by a wonderful 18 hole golf course, one of the best in the region.
Offering quiet family rooms or rooms overlooking the golf course, it has a choice of dining facilities , a stunning dining room overlooking the course, dining alfresco on the patio or the golf club-house and bar.
For more details go to
Telephone 01728 452176
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