Pre-Qualification Mortgage Loan Options by Residential Wholesale Mortgage, Inc

Pre-qualifying gives you, and your Real Estate Agent, peace of mind in knowing your price range. It also strengthens your position at the negotiating table.

Identify your Price Range and Strengthen Your Bargaining Power
"How do I know what price range to look in?" and "How do I make sure my offer is accepted?" These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-qualified by a lender upfront. Pre-qualifying gives you, and your Real Estate Agent, peace of mind in knowing your price range. It also strengthens your position at the negotiating table, especially in a multiple offer situation.

Sellers will also often require a letter of pre-qualification before they accept an offer, because accepting an offer means they are taking their home off the market to put it under contract. Signing a purchase offer with an unqualified buyer could result in a loss of weeks or even a month or more if the buyer fails to secure financing. If a home seller has to turn away other buyers during this time they have lost not only time and interest, but they have also lost out on other potential buyers. Therefore, it is definitely in the best interests of the seller to only consider offers accompanied by pre-qualification letters.

Residential Wholesale Mortgage, Inc makes pre-qualifying fast and easy. We can quickly get you on your way to purchasing a home when you complete our simple pre-qualification form.

European Concerns Increase

Increased concerns about Europe helped mortgage rates improve this week, although the impact of the recently passed extension to the payroll tax reduction is beginning to push up mortgage rates for certain loans (discussed below).

The news from Europe was mostly negative this week. Economic growth in Germany was slower than expected. Negotiations on restructuring Greek debt did not progress as planned, increasing the risk of default. S&P is downgrading the debt of several European countries, including France. Finally, the European Central Bank (ECB) provided no relief, as it gave no indication that it would increase the level of aid available to troubled countries. As a result, investors shifted funds to relatively safer investments, including US mortgage-backed securities (MBS), which helped mortgage rates move lower.

The recently passed extension to the temporary payroll tax reduction contained a lightly publicized revenue raising provision to increase the guarantee fees charged on Fannie Mae and Freddie Mac loans. This fee results in higher rates for borrowers, and mortgage rates for loans not expected to close within the next month or so have begun to reflect this coming increase in guarantee fees.


	800.865.6266

Call 800.865.6266 for current interest rates. Each rate quote we provide is custom & we offer the most competitive products and programs available in the market place when considering your specific situation.

Rates are subject to change.