Get Pre-Approved For a Mortgage Loan Before You Shop

Financing Your New Home

So, you’ve made your decision to buy a home! How exciting! Let’s start looking! …Not so fast. Now is the time to ask the most important question: How much can you afford?

Many people get caught up in the excitement of shopping for a house and bypass this step of the home buying process, thinking they will just come back to it once they’ve found the property they want to purchase. But making this the step of the process an early one is vital when it comes to minimizing the potential of problems that could happen later in the journey. Suppose you find the home of your dreams, but the price exceeds what you expected to qualify for, or an issue on your credit report keeps you from a loan approval, or the lending process takes longer than you anticipated and by the time you set up your financing the house has sold to someone else! Now you are back to square one.

Prior to shopping for homes, contact a mortgage lender and get pre-approved. Mortgage consultants evaluate your finances and work with you to define parameters that will allow you to find a home that compliments the needs of your lifestyle and your wallet comfortably. This helps you go into your home search with a definitive price range and avoid falling in love with a property you can’t afford. When the time comes to make an offer on a house you’ve found, your pre-approval will allow you move forward quickly and confidently, as well as make you more appealing to sellers.

Remember, buying a home is one of the biggest investments you will make in your lifetime, so while it is important not to postpone this step, it is also important not to rush it. Make sure you take the time to shop around to compare interest rates and financing options offered by different lenders. This will better lead you to a loan that best fits your real estate needs.

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Posted on November 15, 2013, in Borrowing, Buying, Real Estate 101, Uncategorized. Bookmark the permalink. Leave a comment.

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