If you are serious about purchasing a home in today’s hot market and want to maximize your purchasing ability, be prepared by getting a pre-approval by a local lender. Any savvy seller will want to be sure that a buyer can perform on their home and will request a pre-qualification letter to accompany an offer.
If you wait to get pre-approval by a local lender until you are making an offer, you risk not being considered seriously or losing out in a multiple offer situation. An experienced, professional lender will need to verify credit, income, and assets before providing a pre-qualification letter. This process requires that the buyer provide substantial documentation, so there is some preparation involved with gathering the information.
Using a local lender is critical because the loan officer understands the subtleties of financing various types of properties in a resort community like Park City. Condo financing in particular. If you would like more information or have any lending questions contact me. Don’t scramble. Be prepared.