The first thing you should do as a Oakland County first time home buyer MI
is to get your financing lined up. There is no sense going out to look at
homes when you don't know what you can afford. So call up your local mortgage
broker, stop in your local bank or credit union, or surf the net for a mortgage
person. There are lots of them here on Active Rain too.
The loan officer will ask you about you income, pull your credit, find out
what kind of payment you want. Once they know you can qualify they will
issue you a pre-approval letter. What a pre-approval letter states is that you
can buy a house up to a certain purchase price or certain loan amount.
Does that mean you should buy a house for that much? HECK NO! You and
your spouse or significant other should sit down and determine yourselves
what kind of house payment you can afford. Be sure to include property taxes
and homeowners insurance. The loan officer may qualify you for a much bigger house
and house payment than you want. You need to decide for yourself what kind of
payment you want! Then once you decide that, tell your loan officer and your
Metro Detroit Realtor what type of payment you want.
As a Oakland County first time home buyer MI you are probably thinking why do I need
a pre-approval letter? There is no listing agent or bank that will accept a purchase
offer without a pre-approval letter. The seller wants some assurance that you are
qualified to buy that home. That the loan will close. Without a that how does a seller
you know that the Oakland County first time home buyer MI can get a loan? The seller
can't without it.
So getting your finances and pre-approval letter is the first step in your home buying process.
If you have questions feel free to call me or email. info@russravary.com or cell phone
(313) 310-9855. Russ Ravary your Metro Detroit real estate agent
Search Metro Detroit real estate and get the latest Oakland County listings emailed to you
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My Month of December quote:
““The fear of death follows from the fear of life.
A man who lives fully is prepared to die at any time.”
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
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I found out recently that sometimes even a pre-approval letter doesn't mean anything if you don't get it from the bank from which you intend to do business.