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Get Approved for a Loan Before you Shop for a Home

July 30, 2012

A key piece of advice, you should get fully preapproved for a loan before you start seriously searching for a property. Of course, it’s a good idea to get some researching in and go to some open houses to get a sense for pricing and value. But before you start making appointments to see homes, the very first step should be a phone call to the mortgage broker or lender. If you don’t have a clear understanding of the loan amount for which you can qualify, you could end up wasting a lot of time. By “preapproved,” we mean that you will need to assemble and submit all the required documentation and have a bank give the package a thumbs up. Without that bonafide approval, you could run into issues that could derail the purchase of the great house on which you just went into contract. Your lender will also outline what your mortgage payment will be, incorporating property taxes and HOA dues.  If you’re a serious buyer and are ready to write an offer, It’s best to get your paperwork in order now so you can write that offer when the time comes.

To read more on why to get your loan approved first visit the link below:

July buying advice: Before you shop, line up a loan

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