Home Buying 101
One of the first things I learned in real estate was never to waste my time on a buyer that has not been pre-approved before we start looking at homes. I don't think it's too much to ask considering Realtors don't get paid until they sell something. Why in the world would we waste our time looking for properties, scheduling appointments and wasting gas if you can't afford to buy a home? Better question is, why would you want to waste your own time doing that?
I realize that might sound a bit harsh but there is nothing worse than finding a home you love all to find out you can't afford it. Not to mention your offer is pretty much worthless without an pre-approval letter whether you can afford it or not! In many cases a lender will approve you for an amount that you can afford, but depending on your level of comfort, you may not want a payment as high as the maximum amount you can afford.
Home buying doesn’t begin with home searching; it begins with a mortgage pre-approval. Often, first-time home buyers fear getting pre-approved because they’re afraid the lender may tell them they do not qualify for a mortgage or they qualify for a loan smaller than expected. However, by getting preapproved, buyers will make a financial decision rather than an emotional one!
I realize that might sound a bit harsh but there is nothing worse than finding a home you love all to find out you can't afford it. Not to mention your offer is pretty much worthless without an pre-approval letter whether you can afford it or not! In many cases a lender will approve you for an amount that you can afford, but depending on your level of comfort, you may not want a payment as high as the maximum amount you can afford.
Home buying doesn’t begin with home searching; it begins with a mortgage pre-approval. Often, first-time home buyers fear getting pre-approved because they’re afraid the lender may tell them they do not qualify for a mortgage or they qualify for a loan smaller than expected. However, by getting preapproved, buyers will make a financial decision rather than an emotional one!
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