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Buyer Be Ready - Getting Pre-approved

The 3 main reasons you should get pre-approved before house shopping.

1.You won't waste your time looking at properties that are too expensive. Many first-time home buyers (and buyers in general) are payment-conscious, and they have a strong sense of how much they are willing to pay for a home each month. If you speak with a mortgage lender before you start the home search process, you'll have a good working knowledge of which homes will be within your comfort zone. It's a very unpleasant experience to fall in love with a specific home, only to find out that it exceeds your price range.

2. You will be able to make your decisions faster. If you begin shopping before you have this information, then you find a place which is slightly higher, it's best to have an agent and a lender who can provide solid counsel. An increase of $5,000 or $10,000 may not make much difference to you, or it may be a deal breaker. It's best to be equipped with knowledge, along with advisors who can make the process smoother.

3. You will have more leverage when it's time to make an offer. In today's competitive market, you have to be able to demonstrate your ability to complete the purchase when you decide on a home. Sellers and their agents will want this in hand before they accept your offer.

Buyer will also want to consider the following: 

  • Check your credit rating. Straighten out any errors before its too late.
  • Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
  • Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
  • Choose a REALTOR®(Butch Miles) that you trust and who understands your needs.(Butch Miles)
  • Determine what neighborhood best matches your needs.
  • Identify important features you need your new home to have.

As always if you have questions about this blog, or any other of your real estate needs. Be it buying, selling, or leasing contact Butch Miles at 512-680-7552 cell

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