Pre-Approval When Buying a Home
Filed under: Home Tips
Why should you consider getting pre-approved, long before you buy a house? Too often, homeowners get caught up in the excitement of finding their dream home, and they overlook the important preparation steps that need to happen behind the scenes. Mortgage preapproval should be at the top of your priority list before you start looking at real estate listings.
Meet with a Financial Analyst or Mortgage Broker
It’s not exciting to sit down with a financial analyst or mortgage broker and go through all of your documents. However, if you are planning to buy a home in the next 12 – 18 months, this exercise is invaluable. It costs only your time. The benefit is that you can avoid potential roadblocks when you are ready to start moving forward with the home purchase.
These guys can help you get clear on important factors:
- What you qualify for now
- How much your payments are going to be
- Is there anything in your credit that needs to be cleaned up?
If anything pops up that needs to be fixed before buying a home, then you have lead-time to work on your credit to ensure that you have the right financing when needed. A good financial team will provide step-by-step guidelines to help you get ready for this purchase.
Are you Ready to Buy a Home?
Knowledge is power. The more you know about your personal parameters for buying a house, the more effective of a buyer you are going to be.
It’s never too soon to get preapproved. This process will ultimately save you time and allow you to focus on the right neighborhoods. Then you can start getting granular with your numbers by plugging in tax rates to get specific about your anticipated payment
Do you have questions about buying a home in the area? I have many years of experience helping homeowners in Temecula. Contact me at any time to learn about the local real estate industry. Call, text or email: (951) 473-0390 or [email protected]