Loan pre-qualification   Why pre-qualify for a loan?   Pre-qualification form Acquiring your loan Mortgage Q & A Calculators Free reports Finance links Free report! Secrets to Successful Home Buying Follow these tips to help you get the best deal when buying a house. Why pre-qualify for a loan? Pre-qualifying for a loan makes you an appealing buyer in the eyes of the seller. Pre-qualification approves you for up to a certain mortgage amount, even before you look at your first home. Once you do start looking, you won't waste time looking at homes you won't be qualified for-and you'll be in a strong position to make an offer as soon as you find something you like. Selecting the best financing package available is as important as finding a home that meets your needs. There are three factors to consider in determining how much you can afford: Down payment Most loans require a down payment between 10 and 20 percent of the home price. If you are able to make a down payment of 25 percent or more, you may qualify for special mortgage programs offered by a variety of lenders.   Ability to qualify for a mortgage Most lenders require that your monthly mortgage payment, including principal, interest, taxes and insurance, should not exceed 28 percent of your gross monthly income. They also expect your total installment debt (regular scheduled payments of 6 months or longer debt-car loans, credit card balances, etc.), including the proposed monthly mortgage payment on your new loan, not to exceed 36 percent of your gross monthly income. In addition to your gross monthly income, lenders review your employment history, stability, and potential for increasing your income. They also evaluate any additional income, such as bonuses, commissions and child support. They will request a credit report to verify your debt repayment, outstanding debt, and available credit. They will calculate your assets, including checking and savings account balances, CDs, stocks and bonds. Avoiding any late payments on credit accounts, and limiting your credit purchases, helps keep your credit report in good standing. If you have items on your credit report that could negatively influence your ability to secure a mortgage, be prepared to explain each situation in writing. You should also consider delaying major purchases until after you've moved into your new home.   Closing costs Closing costs typically range between 2 and 5 percent of your loan amount. These fees are due in cash at the time of closing, or, in some cases, can be included in the loan. Pre-qualification is always a good idea. Taking the time to pre-qualify for a mortgage before you begin your home search will put you in a much better negotiating position: your pre-qualification assures the seller that the transaction will not be delayed while you secure financing. You can determine how much your financial institution is likely to lend you by completing our Mortgage Calculator here. This is your first step towards loan pre-qualification. You may also fill out a preliminary Pre-qualification form to start the pre-qualification process. If you would like to learn more about financing options immediately, please contact me.

Homes for sale | Spotlight properties | Private Home Search | Price your home Sell your home | Buy a home | My profile | Areas I serve Contact me | Site search | Your organizer | Privacy Policy   PRIVACY POLICY http://www.gailaknin.com Because we value your patronage, we want to address any privacy concerns you may have.  To that end, we have set forth our privacy policy for handling the information you share with us online.  We want your decision to do business with us to be an informed one. 1.   Collecting Information When you visit our Website, we may collect information about you that you voluntarily choose to share with us.  This identification information may include, but is not limited to, your name, your physical address, your e-mail address, your telephone and fax numbers, details of your real estate and lending needs and preferences, and other details of your life. What may be less obvious to you is that, when you visit our Website, we may collect data involving your usage through the use of “cookies” (i.e. small text files placed on your computer by a Website), Web server logs, and other Web tools.  This technology allows us to customize your online experience, as well as track your Internet use.  The tracking data we collect may include, but is not limited to, the date and time you visit, the time you spend, the Web pages you view, the other Websites you visit, your search queries, and basic information about your computer, such as your Internet Protocol (“IP”) address, your domain name, your browser type, and the name of your Internet service provider.  You may deactivate cookies if you do not want your browsing to be tracked, but doing so may hinder your online experience. When visiting our Website, you may be directed, through hyperlinks, to other Websites that are beyond our control.  Furthermore, when you are visiting our Website, other companies, such as third party advertisers and sponsors, may be gathering information about you.  This Privacy Policy does not cover the collection of information by those other companies and Websites.  Although we encourage third parties to provide their own privacy policies, we are not responsible for their activities, such as how they handle the information they collect online. 2.   Using Information Collected We primarily use the identification information you voluntarily share with us to customize your online experience and to do what you have asked of us.  We also use your identification information to tell you about our products and services, but you may instruct us not to send communications to you by following the procedure indicated below under “Contacting Us.”  On occasion, we use your identification information to validate your identity.  As for usage tracking data, we primarily use that information to operate and improve our Website, and to further our marketing efforts. As a general rule, we do not share your information with unaffiliated third parties.  We may, however, share your information with our own personnel and our service providers to the extent necessary to fulfill your requests.  We may also share your information with our affiliates, but we will not share it with unaffiliated third parties for direct marketing purposes.  We reserve the right to disclose your information under limited circumstances, such as to cooperate with law enforcement or judicial authorities as required by law or legal process, to protect our own legal rights, or to protect the public good. Whenever you are online, you run the risk that the information you give out will fall into the wrong hands.  Although we implement and maintain reasonable security procedures and practices to safeguard your privacy, we cannot guarantee the security of any information you provide to us.  We accept no responsibility or liability for the activities of third parties. 3.   Updating Information If you would like to review the information about you that we have collected through our Website, or to change that information, you can make that request by following the procedure indicated below under “Contacting Us.”  We may require that you verify your identity before we process your request. 4.   Updating Our Privacy Policy We may, from time to time, change our Privacy Policy.  We will notify you of any changes by posting our updated Privacy Policy on our Website and inserting a new “Effective Date.” 5.   Contacting Us If you would like to send us a request as indicated above, or if you have any other questions or concerns regarding our Privacy Policy, you may contact us by e-mail at gail@gailaknin.com or call us at (415) 828-5091.  6.   Effective Date: This Privacy Policy is effective as of February 1, 2006.     Web Site by InteliTouch, Inc. ©1998-2008 All rights reserved.