Oct. 26, 2019

Column - February 2019

Buyers:  The Very First Thing to Do Is NOT Go Home Searching!

In a market like ours, where buyers outnumber the number of homes for sale, YOU need to stand out.  The best way to do that is to get pre-approved for a mortgage BEFORE you even search for a home.  I always explain to my buyer clients that no seller in this market is going to accept a contract from a buyer that is NOT pre-approved.  Many don’t even allow non-approved buyers to view their homes as they see it as a waste of time.

If you are a serious buyer, being pre-approved will help you to understand your budget and will give you confidence of knowing how much home you can afford, and will make you a competitive buyer in a competitive seller’s market.

In order to get pre-approved for a loan, you will need to select a lender (your realtor can help guide you to fantastic local lenders).  Once you have done this, you will need to provide them information about your credit, any debts, salary (both current and historical), how much you would like to put as a down payment, and your residential history.  The lender will analyze this information to determine your ability to make your payments on a loan, how much cash you have on hand, your history of paying your bills on time, and what type of home you are interested in purchasing.  There are many types of mortgage loans available, so let your professional lender guide you on how much your down payment needs to be and what credit scores are necessary for you to qualify for a mortgage – don’t guess!. 

Call me today to help guide you on that first step – and you may be surprised at how reachable your dream of home ownership is!