Top 6 Reasons to Contact a Lender BEFORE House Hunting
Searching for a new home can be an exciting time. The right location, the right neighborhood, the right features – these are all at the top of a potential homeowners list. But the last thing you want is to find your dream home and then discover it’s well out of your price range. So we asked our Lender buddy Keith Harris to break down why it’s so important to speak to a Lender (and get pre-approved) before you start house hunting.
Know Your Price Range
You can get an idea of what you can afford based on monthly income and monthly debt. Most loans have a maximum debt-to-income ratio for qualification purposes. The mortgage industry uses a borrower’s GROSS monthly income as a basis for this ratio. Most borrowers don’t know their monthly debts and usually think it is higher than what the industry may calculate. For example, if a borrower has 3 credit cards with a total outstanding balance of $900, what is their monthly debt? Many consumers might think their monthly debt is $900. In reality, it would be the total of the monthly minimum payment for all three cards and could be as little as $25 per card – or $75.
Know Your Credit Issues
Once a credit report is run, a number of potential issues may surface. You may have a score that is preventing you from qualifying for certain loans due to a creditor reporting inaccurate information on your credit report. You may have a high balance on a credit card that is impacting your credit score. If you need time to remedy these issues, you can address them early on so that a purchase settlement is not delayed.
Loan Programs
There are potentially many loan programs available to you as a borrower. A sample list may include Conventional, High-Balance, VA, FHA, VHDA, USDA, Jumbo, primary residence, investment properties, etc. Some of these require little or no money down, whereas some may require a minimum down payment of 20% or more. It is not fair to assume that your Realtor will know all of the requirements for loan qualification. Perhaps you had a short sale 3 years ago – if that’s the case, you may only qualify for an FHA loan based on that information.
Have a Competitive Edge
You may have a competitive advantage over other buyers if there are multiple offers on a property. If you have filled out a loan application and your lender has run your credit report, you can obtain a conditional loan approval letter from your lender. If you are interested in a sought after property, you may be able to submit an offer with a closing date weeks earlier than if you had not spoken to a lender. The approval letter can also be strong enough to convince the seller that your offer is the best and safest of all the competing offers.
Be More Efficient
Your lender can tell you all of the information that may be needed to process and approve your loan. You can begin gathering this information ahead of time so that the loan process can be as efficient as possible.
Less Stress!
If you need to liquidate funds for closing, obtain a gift from a family member or provide documentation that is not readily available, you can be made aware of these needs well in advance. We all have enough stress in our daily lives to not have to have added pressure of trying to get qualified for a loan in a short period of time.
If you’re thinking about house hunting and would like to know more about prequalifying for a loan, contact Keith Harris at 703-259-0788 or apply online here.
Keith Harris at Intercoastal Mortgage Company
NMLS ID # 838973
Company NMLS ID # 56323
(www.nmlsconsumeraccess.org)
Intercoastal Mortgage Company is an Equal Housing Lender.
On June 24, 2016, England voted to leave the European Union. This 
enerally speaking, when the economic indicators such as the stock market, inflation, and unemployment are positive, mortgage interest rates will rise. When the economic indicators suggest our economy is not prospering, rates will drop.
Located in the beautiful 
The main level boasts beautifully maintained hardwood floors throughout, and windows galore fill the home with tons of natural light! A gourmet kitchen boasts lots of cabinet & granite counter top space, and includes an island with a breakfast bar area, recessed lighting, pendant lights over the island, stainless steel appliances & a pantry.
A bright, spacious Breakfast Room features a designer light fixture, a ceiling fan, 2 huge windows that overlook the tot lot and a sliding glass door that leads to the deck.
The large Master Bedroom boasts vaulted ceilings, spacious his & hers walk-in closets and an adorable nook above the door for added decorations. The spacious Master Bathroom features a double sink vanity, designer light fixture, tile floor, 2+person tub, separate walk-in shower and a separate room for the toilet.
2 additional bedrooms and a full bathroom can also be found on this level. The hallway closet has a full size washer and dryer and boasts shelving for additional storage. 
A beautifully maintained deck overlooks the tot lot and is also perfect for grilling out and entertaining. A fully fenced backyard features a patio and offers plenty of privacy. The 2 car garage has a bonus area for extra storage.
Enjoy cooking meals in the spacious and bright gourmet kitchen that was recently upgraded and boasts a huge granite island with a breakfast bar. The kitchen also features tons of cabinet space, farm-style sink, stainless steel appliances, recessed lighting, a pantry, and access to the deck and large backyard.
Separate Dining Room off the kitchen has a gorgeous chandelier, large window, and french doors that lead to the office. The office has a 2nd set of french doors that lead to the foyer, 2 large windows and built-in bookcase and shelving.
Enjoy sunsets and a lake view from the cozy balcony at 
Pride of ownership shows throughout the spacious home. Hardwood floors are found through most of the main level. The kitchen and breakfast area has a ceramic tile floor and generous granite counter space with a plethora of cabinets. Also featured are a center island with breakfast bar, a pantry, and designer light fixture. Stainless steel appliances and a built-in microwave are included as well. From the breakfast area, french doors lead to a large deck that is great for entertaining.
Tons of natural light pours in through the large transom windows in the living room. The dining room has a columned entry, chair railing, crown molding, and a designer light fixture with ceiling medallion. A coat closet and recently upgraded powder room can be found in the foyer.
Upstairs, double doors lead to a large master bedroom with vaulted ceiling, ceiling fan, and large walk-in closet. The gorgeous light filled master bathroom has a new granite vanity with dual sinks, a 2 person soaking tub, upgraded separate seamless shower with custom tile, recessed lighting and a designer light fixture. In addition, 2 spacious bedrooms feature crown molding and large closets. A second full bath on this level has a new granite vanity with dual sinks and designer light fixture. Plush carpeting can be found throughout all of the bedrooms.
Walkout level recreation room includes recessed lighting, built-in bookcase, and wood fireplace with marble surround and a wood mantle. There’s an upgraded half bathroom with new granite vanity, a closet, and ceramic tile. French doors lead out to the fully fenced, landscaped backyard that is virtually maintenance free!
We’d love to show you this home in person! 
Pride of ownership shows in this beautiful 3 bedroom, 2.5 bath townhouse! Located at 
Many windows fill this home with natural light. The living room features a new fireplace with wood mantle and marble surround. Granite counters, crown molding, and a custom backsplash can be found in the kitchen. A formal dining room showcases crown molding and a designer light fixture. Sliding glass doors lead from the living room to the patio, which is perfect for entertaining! The powder room was recently upgraded with a new vanity and flooring.
Upstairs, a light-filled master bedroom has dual closets and features an attached, recently upgraded master bathroom! 2 additional bedrooms both have large closets and can easily access a separate full bathroom.
Upstairs, the Master bedroom features vaulted ceilings, a ceiling fan, 2 walk in closets, and new carpeting. An over-sized vanity with 2 sinks and separate shower and soaking tub can be found in the attached Master bathroom. Bedroom #2 is spacious and has 2 walk-in closets and new carpeting. A full bathroom is also attached to this bedroom. In the hallway, a laundry closet boasts a new, top-of-the-line front loadingwashing machine and dryer. A second set of stairs lead up to a 3rd bedroom with a walk in closet, ceiling fan, new carpet, and attached full bathroom.