Prequalify Loan

Prequalify Loan

Prequalify Loan

With so many foreclosed homes on the market today, it’s a great opportunity for first-time homebuyers and investors, alike, to get a good deal on a real estate investment. When the mortgage rates are low, it’s an even better time to purchase property and depending on the real estate market that you desire to buy property in, you may be able to get just the deal that you are looking for.

Real Estate Investment

To purchase a foreclosed home, you will need an experienced and licensed real estate broker or agent, earnest money, proof of funds or a pre-approval letter and a down payment, if required. However, according to the article, “The Safest Ways to Buy Foreclosures,” posted by Bankrate.com at the MSN Money website, if you have good credit, many banks will loan you the full price of a foreclosure property. The earnest money that's required represents your good faith or sincerity in the purchase of the property and a pre-approval letter for a mortgage loan will typically suffice as proof that you are qualified to purchase the property.