Mortgage Information from The Palm Beach Real Estate Pros at Lanosa Realty

Mortgage Prequalification and Preapproval

Why should you get prequalified and then preapproved for a mortgage before you even begin searching for a home? Because there are three people who will benefit from you being preapproved: You, your Agent and the seller from you will eventually purchase a home!

You are of course the most important beneficiary. One of the most common questions we receive is, “How much house can we afford?” Because of the multitude of variables it is nearly impossible for us to answer that question. The only sure way of getting the answer is through prequalification. The mortgage prequalification process is relatively simple, but it is very important.

By knowing exactly what your financial parameters are, your Agent will be able to focus completely on finding you a home that meets your need.

If you want to be able to strengthen your bargaining position with the seller, or make your offer stand out among multiple offers, you need to get prequalified. If a seller has two offers, one from a fully prequalified buyer and one from a buyer who is not prequalified, they will likely devote more attention to the prequalified buyer, possibly even if their offer is lower.

You should remember that the amount of the mortgage you will qualify for is the maximum that the lender feels you can afford, but not necessarily the amount you should spend. It is often in your best interest to be conservative, so as not to push yourself too close to your limit. Be sure to factor in increases in monthly expenses such as maintenance or utilities and remember to allow for necessary items that you may need to purchase, like furniture and window treatments for example.

Lanosa Realty specializing in Palm Beach Homes, Palm Beach Condos & Luxury Country Clubs in Palm Beach Florida.

101 Hidden Hollow Drive - Palm Beach Gardens FL	*Featured Home
Bedrooms: 5 | Bathrooms: 2.5 | Living Area: 2,954 SF
This designer custom built home has both elegance and style! Beautifully finished with no details overlooked! One of the master suites could easily be used as an incredible entertainment/media room! The upgrades in this home rival those found in homes significantly higher priced. Price: $575,000

One City Plaza - Unit 1202 - West Palm Beach FL	*Featured Home
Bedrooms: 2 + Den | Bathrooms: 2 | Living Area: 1,474 SF | One City Plaza Condominium
City Plaza is located just two short blocks from the new CityPlace, three blocks from the Kravis Center for the Performing Arts and a 10-minute bike ride to the famous shopping found on Worth Avenue in Palm Beach. Located amidst the most exciting new areas in West Palm Beach. Price: $799,000

424 28th Street, West Palm Beach FL	*Featured Home
Bedrooms: 3 | Bathrooms: 2 | Living Area: 1,882 SF | Historic Old Northwood
Hard wood floors, fireplace, columns, arches, French Doors, new kitchen, new windows. The formal living room features a gorgeous fireplace mantle, beam pecky ceiling, columned stairway, French Doors entering a sun drenched Florida Room with tiled floor and arched windows. Price: $569,000