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How do I prepare to buy a home?

September 28, 2017

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How do I prepare to buy a home?

September 28, 2017

 

Before you make a decision to buy property, you should prepare yourself to be in an immediate buying position.  In a competitive real estate market another buyer may surge ahead of you to purchase the property you had your heart set on if you have not completed the pre-approval steps.  This process will provide you with a "Pre-Approval Letter" sellers are looking for to know you actually have the ability and purchasing power to buy their property and aren't just wasting their time. 

 

What to do:

 

  • First, avoid making large purchases.  You may be tempted to buy big ticket items on a credit card or revolving account for the home you hope to buy, but resist!  Closing on the deal first is a wiser choice, and can make the difference in whether you qualify for the loan amount.

  • Shop lenders:  banks, credit unions, referrals from your   real estate professional or builder.  Compare rates and reviews.  DON'T OVERLOOK REVIEWS.

  • Provide all necessary financial information to the lender you have chosen, including bank statements and W-2's.

  • If you have any credit issues, the lender may discuss whether you can qualify at this time or possible solutions toward correcting the problem(s) and improving your score for a successful real estate purchase.

 

When all matters are settled satisfactorily you will receive a "Pre-Approval Letter" making you a legitimate buyer and speeding up the process for a purchase.  Going through these steps in advance will also help clarify the loan amount you actually qualify for, and prepare you to place a serious and real offer with the seller.

 

 

 

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