This is Where You Start
Getting down to business!
The first step to owning your own home is finding a Realtor you trust, but a VERY close second is getting your pre-approval for financing. After all, you can’t buy anything without money, right?
A local, experienced lender will make a HUGE difference in your experience buying a home and your Realtor will have resources for you to contact who have proven track records of happy buyers they have helped before you.
You need to get a “pre-approval letter” from the lender before you start making appointments to see houses. The reason for this is because the lender will be able to determine what is the price range you can afford/want to spend, what the monthly payment will be, interest rates, etc.
It does pay to shop around because different banks and credit unions have access to varying programs. The money you can save by doing a little investigating can be remarkable.
Once you are pre-approved, proceed with caution!! Here is a strong word of warning for my buyers:
PLEASE DO NOT MAKE ANY MAJOR PURCHASES OR EMPLOYMENT CHANGES
UNTIL AFTER CLOSING.
I have seen buyers completely ruin their ability to gain financing for the purchase of their home simply because they went out and bought a new washer and dryer, or charged up Christmas presents, increasing their debt-to-income ratio and jeapordizing their qualification of the loan.
Please do not let this happen and cause yourself major heartache. If you need to make a purchase, please check with your lender first to be sure that it won’t upset your qualificaiton. Just a word of warning.
For a little while, you will want to be very cautious with keeping your job circumstances and finances as steady as possible. Don’t quit your job or change positions before closing. Please be sure you keep in close contact with your lender about any financial changes until closing.
So, make the right move and call, text, or email me... Dani Carpenter, for more information about starting the buying process.