Get Pre-qualified before you find the home you want!
There is nothing more disappointing and frustrating than falling in love with a home and then being told by
loan officers that they won't lend you the amount you need
to buy it! Believe me, I have seen it happen many
times.
Here is the best advice I can give :
Don't Go Shopping for a New Home
Before You Know Exactly How Much the Lender Will Lend You!
You might have an idea of the loan payment and mortgage you can afford. But
the lending institution might not agree! So, it's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
So, go to the bank or other lending institution first and
get pre-qualified. It will make the rest of your
experience in homebuying much less stressful.
Let me know if I can help or give you advice. |
