The First Step in Your Home Purchase Adventure
August 3rd, 2014
If you’re thinking of purchasing a home you’ve probably been looking online….and looking some more. And driving around looking at houses with for sale signs and wondering what you can afford. It’s a hard call to make – to your bank or mortgage broker. But it’s really the first thing you should do and it will save you lots of time and angst and gas (or electricity).
Call your favorite bank or credit union and call a mortgage broker. Each entity will have access to different programs and there is sure to be one that fits your needs. The bank or mortgage broker will gather information about your income and credit and determine an ideal purchase price and loan amount.
With pre-approval in hand, you can be assured that you are looking in the right price range and that you won’t fall in love with a home outside your range (it’s easy to do) and then find yourself heartbroken when it’s not going to work out. You are also telling your Realtor that you are ready so that your Realtor will take the time to scour the market for possibilities and be ready to jump to show houses to you as they come on the market. In order to offer, you must have your pre-approval letter to send along with the offer. In a tight market this can be the difference between getting a house or losing it to somebody who does have their letter. In some multiple offer instances, you may only have an hour to get your offer to the seller!
Let’s hit the road! Tell you what, since you are ready, we’ll pay for the gas.