All Things Mortgage
In a "hot" market, believe it or not, we're in one now, the best prepared Buyers are the ones who have been pre-approved with a direct lender. These Buyers have provided their lender their social security number for a credit score check and answered brief questions regarding income and expenses.
Almost all Listing Realtors require lender pre-approval letter and "proof of funds," a statement demonstrating the Buyer does indeed have the money to close escrow, when submitting offers to their clients. With the pre-approval letter and proof of funds, your offer stands a much better chance of presentation and acceptance.
Funds needed equal the down on the property (as low as 0% for some VA loans to 20% or higher for conventional loans. FHA, 3.5% down, is an extremely popular loan currently) + closing costs (calculate about 2% of the purchase price for closing costs (loan, escrow, title, insurance, impound property tax, first month mortgage, appraisal).
For Mortgage Calculators and all-around important loan information, click here.