Buying a Home Step 1: Get Pre Approved
Thinking of buying your first home? Your first step should be to get pre approved. Not quite sure what a pre approval really is? Read on and find out why it’s SO important…
A pre approval is a dry run of the loan process. A mortgage lender gathers information from you regarding your income, debts, assets, etc. to determine how much home you can afford. The lender will be able to give you a hard number that you are pre approved up to, and will be able to give you a run down of what your monthly payment would look like at each price point. There may also be several different loan types available to you depending on your situation. You may qualify for FHA, VA, USDA or Conventional. A lender will be able to talk you through your options and help you determine which would be the best fit for you.
Getting pre approved not only builds a great foundation of knowledge for starting your home search, but it also provides a great amount of comfort. How are you ever going to feel comfortable making the biggest purchase of your life if you’re not familiar with and comfortable with the numbers first?
Another very important aspect of getting pre approved before going out to look at homes is that it saves you from heartbreak. Imagine you’re out looking at some homes on the weekend with your Realtor and you walk inside one that is just perfect for you. It’s got an awesome kitchen, a finished basement, a great backyard, and whatever else might be on your wish list. You will likely be so excited and thrilled at the possibility of getting this home that you want to get an offer in right away. Sorry, I have some bad news for you. You can’t submit an offer without sending a copy of your pre approval letter with it. You can try to get in touch with a lender to get pre approved, but most likely you won’t be able to until Monday rolls around. And if you have to wait, in today’s market, you won’t get the home. Trust me, that can be absolutely heart breaking and you don’t want that. So when I say it’s in your best interest to get pre approved first, I really mean it.
Stay tuned to find out about step 2!
The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing personal, professional real estate service.
The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.
Don’t Hire an Agent…Hire a Team. The Lowry Team.
Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.
Other articles that may interest you:
The Value of Being Pre Approved