Know your lending limits is key before you even start looking at homes to buy. As the old saying goes, "Your eyes are bigger than your belly." If you start to preview properties in the $250,000 price range but you can only really afford in the area of $100,000 then you will just be teasing yourself.
Tips to do before meeting with your Realtor to view properties:
1. Talk to your lender to see what you would be pre-approved for.
2. Inquire about the types of loans, the interest rates, and paperwork needed once the offer has been submitted.
3. If you are planning on going with an FHA loan, or any other specific loan then you need to know fully what the requirements to the loan are. Some houses won't qualify for an FHA or first time homeowner loan.
So do a little homework before you begin the buying process, it will make everyone's job a little easier when the time comes around to submit an offer. Also it is usually a benefit to have a written pre-approval letter to attach with your Offer to Purchase Contract, it shows the sellers that you mean business, and want to close this deal!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment