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First Time Home Buyer! 4 Reasons why you should get Home Loan Pre Approved first! - YouTube
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I'm Nilda and welcome to Nilda sells homes
where we make buying and selling easy
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are you thinking to buying a home this
year in 2020 because if you are you're
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gonna want to stay and watch this video
today we're going to be sharing with you
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three reasons why it's so important to
get pre-approved but if you stay and
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watch to the end of this video we'll be
sharing a fourth reason for easing that
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can make a difference between you
getting your dream home getting
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pre-approved is actually a game changer
and because it's so important I needed
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to bring an expert in this field and
today I have with me Jonathan hey guys
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Jonathan can you introduce yourself to
our viewers absolutely hey guys my name
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is Jonathan Wells I work at Wells
funding we're a division of Midwest
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equity mortgage Nolan invited me over
here today to kind of teach you guys
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about a pre-approval a little bit about
me I've been doing this for about two
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years now
love every second of it I love working
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with people just like Nilda and like you
guys as well okay John so what would be
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reason number one why a buyer should get
pre-approved so getting pre-approved as
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a buyer really kind of set to you know
apart from the competition right so it
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makes less the listing agent no and the
sellers for that matter to let them know
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you're a serious buyer right you've
actually gone through the process of
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getting your credit ran you've met with
a mortgage professional like myself
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you've looked at you know what your cash
foreclose needs to be and we verify that
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you have that you know available to
close make sure income documents are
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sourced and assets are verified that way
you're fully set up as a pre-approved
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buyer to go into that house and make a
competitive offer
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so getting pre-approved gives you that
competitive edge absence that's great
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what would be reason number two for sure
kind of piggybacking off of reason
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number one it really lets the sellers
know you're serious because like I said
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we've gone through all this stuff to get
that pre-approval letter and for most
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places it's it's you know very solid
they don't give us out you know randomly
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right yeah so like I said it gives you
that competitive edge and sometimes
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that's the difference in you making you
know a competitive offer actually
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getting that property or you found to
the wayside and you end up missing out
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you really might have liked so what that
allows you to do is with us at least you
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know if you're pre-approved we can make
sure that you know typically we can get
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you close within 25 business days so
that way it sets you apart from
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everybody else that might have a 45 day
contract or something like that
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great great that's actually a great
advice to give to a buyer and also helps
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it helps the buyer understand that with
having that pre-approved that what when
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you do put in an offer and there's
another offer on the table but having
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that pre-approval actually makes a huge
difference absolutely
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I guess that other offer especially they
don't have one what will be a reason
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number three so I think the reason
number three is really more for the
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client themselves so really it's all
about affordability right letting you
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know as a client that you can afford
typically about twenty-five percent of
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your gross monthly income is allocated
towards a home right so letting you know
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as a buyer hey this is what you're
approved for and making sure you're
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comfortable with that amount because
most people when they see the new a
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purchase price of two and a thousand it
kind of scares them a little bit right
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because they don't know what the monthly
payment on that is but if you sit down
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with me and we look at the monthly
payments and you end up becoming more
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comfortable with that really the only
thing you should be concerned about when
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you walk into a home once you fully
pre-approved is is this house you know
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my dream home or not yes and it also
helps not only the buyer to understand
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what they can afford but actually help
some agents absolutely when looking when
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they're looking for homes give an idea
what they can afford and you know it's
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just something that's a great tool to
have for an agent their client but yeah
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you as the agent you can make sure
you're showing them homes that are in
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their price point and that they're
comfortable with so that way when they
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do find their dream home there's you
know no doubts or anything like that
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about them putting an offer and they're
ready to go so that's that's great
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advice now what would be reason number
four that would seal the deal on that
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buyer to get that dream home once they
found it well what would be your advice
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I think the like The X Factor if you
will with getting pre-approved
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especially with a mortgage professional
like myself would be financial training
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right making sure that we look at your
total you know financial portfolio and
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we choose the best product based off
so every single clients going to be
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different with what they are doing in
their personal life with their finances
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some can put down large down payments
others might not put down as much but we
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can look at that you know and see what
the best option is for that client so
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give me an example of that kind a client
is looking to purchase at 150 you could
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put down $40,000 right so I whatever was
financial with them and I told him why
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would you put down 50 grand when you
could pay off your $12,000 car loan save
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30 and then now you know your 30 grand
left in the bank and your total you know
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debt allocations are within $1 of each
other either way so I helped him save
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$30,000 and invest that back in the
market making an hour from six or seven
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percent wow that's great thank you for
sharing that that example with us yeah I
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truly appreciate it so there you have it
our four reasons why it's so important
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to get pre-approved so remember if you
have any questions please feel free to
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leave a comment in the comment area
below and don't forget to subscribe and
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click on a notification icon for more
videos just like this coming in the near
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future thank you for joining me today
Jonathan absolutely thank you for having
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you this is great alright well there you
have it guys see you the next video
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