January 16 - 31, 2019
PHILIPPINE ASIAN NEWS TODAY
LOCAL NEWS
Top
6
Reasons
Why
Realtors
Want
You
MORTGAGE TALKS
to Have a Mortgage Pre-approval
By MARC FERNANDEZ
So, you’ve decided to buy a
home. You are very excited and have
chosen a realtor to work with. If its
not the first thing that realtor will ask
you once you meet with them, its one
of the first things they will; “have you
been pre-approved for a mortgage?”
In fact, many realtors will be
reluctant to book private home
viewings for you unless you have been
approved. Here are the top 5 reasons
why:
1. COMMITMENT:
Being pre-approved shows
realtors that you are committed to
purchasing a home and not wasting
their time. Realtors are paid on
commission basis. Therefore, they
can’t afford to spend a lot of time
showing you different houses to
purchase unless you either have the
cash outright, or more commonly, be
pre-approved to purchase a home.
2. INCOME:
Whether it’s a new home or an
upgrade from their existing home,
homebuyers want to buy home
usually from a job promotion. What
needs to be discussed is whether that
job promotion is an increase in salary.
If it is an increase in commission or
overtime pay instead, then a 2 year-
average will still be needed to use that
income. This could affect the price
point you think you are qualified for.
3. CREDIT HISTORY:
Homebuyers commonly do
A Champion...
not check their credit
bureau report before
shopping for a home. There could
be collection items present that you
may not be aware of and can affect
your qualification for a mortgage.
Common items seen are phone bills,
unpaid parking tickets, and liabilities
that were not discharged in error. On
a mortgage pre-approval, pulling the
credit bureau report is mandatory
when applying for a mortgage.
Viewing the credit report also allows
you to check to make sure you have
not been frauded or been a victim of
identity theft.
4. AFFORDIBILITY:
A mortgage pre-approval uses
the details of the application such as
your income, credit history, and assets
to determine what type of mortgage
and more importantly for how much
you can afford. This allows you and
your realtor to understand what type
and area of houses you can shop for.
There are some homebuyers that have
an idea of how much they can afford.
With constant change in mortgage
rules, what you may have qualified
for before, most likely is not the same
amount you may qualify for today.
5. REUPATIONNEGOTIATION
When a realtor makes an offer
for you on a home without a mortgage
pre-approval, they are putting their
reputation on the line. Your realtor and
the listing realtor are also investing
a lot of time with the you and your
presented offer. In the real estate
industry, a realtor’s reputation is very
important. A bad reputation can easily
bring down a realtor’s career.
6. NEGOTIATION
With a mortgage pre-approval in
place, a realtor has an upper hand on
other offers that is not supported by
a mortgage pre-approval. Your realtor
will have a better chance to negotiate
a great price on your behalf over other
realtors.
It is completely understandable
that a homebuyer reaches out to their
realtors first when wanting to buy a
FROM PAGE 7
worked for its passage as chairman of
the Committee on Trade, Commerce,
and Entrepreneurship in the 16th
Congress.
During his first term and less
than six years as a lawmaker, Sen.
Bam already has 35 laws to his name,
including his first legislation, the Go
Negosyo Act. It paved the way for the
establishment of more than 1,000
Negosyo Centers around the country
that provide much needed support for
Filipinos seeking to earn a living and
supplement their income by starting
and growing a business.
Productive and with a genuine
heart for service, Bam has proven
time and time again that he will stand
by his principles and work hard to
improve the lives of Filipinos.
Bear in mind that he is the
only re-electionist senator that voted
against the TRAIN Law and continues
to push for the repeal of the tax on
petroleum to ease the burden of high
prices. Sen. Bam became the first
senator to call for the suspension of
the excise tax on fuel when he filed
the Bawas Presyo sa Petrolyo Bill in
May 2018 to roll-back and suspend
the excise tax on petroleum products
under the TRAIN Law.
Even before becoming a senator,
he helped mothers with sari-sari stores
grow their businesses and provide for
their families through the Hapinoy
Program, which he co-founded. Now
a father of two, Sen. Bam is even more
passionate and dedicated.
Inspired by his supportive wife,
Timi—I remember their beautiful
intimate wedding in foggy Calle
Ruega chapel in Batangas and his
two daughters, Rory and Coco, Sen.
Bam will run for his second term as a
senator.
What will he be focusing on this
second term?
“Since we passed the Free
College Act already, the next set of
reforms is to ensure the quality and
efficacy of our state universities and
colleges,” Bam told us. “Primarily, I
will pursue a bill already filed which
will make finding jobs easier for our
grade 12 and 4th year graduates by
instituting placement offices in our
educational institutions, and ensuring
academic-industry
linkages
and
coordination.
This will help solve unemployment
and underemployment.”
(Reprinted from Manila Bulletin)
WWW.PHILIPPINEASIANNEWSTODAY.COM
home. Homebuyers want to the fun
part first of the process, which is go
around and viewing open houses.
Mortgage pre-approvals may not
be the fun part of the homebuying
process, but it should be something
you get out of the way first in order
to get to your dream home much
easier.
Contact me today for your no
obligation mortgage pre-approval.
E
m
a
i
l
:
marcfernandezmortgages@gmail.
com Phone: 604-218-3710
5 x 3.75 Rainbow Travel