This is a great time to be buying a home. Interest rates are historically low, prices are increasingly attractive, and there are more homes and condominiums on the market than there have been in many years. Lots of choices and more room for negotiation means you can get a house you’d like at a price you can truly afford. So, it’s time to get started. However, before you start looking for houses with a Realtor, if you’re going to need a lender’s help to make a purchase, your first call needs to be to a bank or mortgage lender. It’s called “pre-qualification” and it will help you determine what homes you should be shooting for. Or, in other words – Ready, Aim, Fire. Unfortunately, too many would-be homeowners practice Ready, Fire, Aim. Here’s the difference.
If you begin searching for homes without truly understanding what you can afford, you may be setting yourself up for serious disappointment. Finding a home can take months if not years: why spend your time and that of a Realtor only to learn that the home you’ve selected is beyond your financial reach?
A quick call to a mortgage broker or a bank will set you on an informed path. Your credit will be checked and you will be asked questions about your finances – what do you owe, what do you own, how much do you make, etc. With that information the lender can determine how much it would be willing to lend you to purchase a home – and what price home you can afford. The process should cost nothing, and at the end of it, you can honestly tell a seller, should you put an offer in on a home, that, “Yes – a bank is willing to work with me.” Now that seller knows that he or she has someone legitimate to negotiate with as the buying process moves forward.
So remember – Ready, Aim, Fire – and let Sea Glass Properties help you hit your target! Barbara Birt – Sales Agent – 690-9995