A lot of people, especially first time home buyers, will enter into a the market and begin looking at months before they are actually ready to jump into the process 100%. The houses could range anywhere from $50,000 to $500,000. Of course it is ok to window shop, especially in the beginning stages of the process, but when it comes down to when you are really ready, to start looking it is best to know exactly what you can afford. To take it one step further understanding what you can afford in a house payment may not even be what you are COMFORTABLE spending every month.
The Reasons You Should Speak with a Lender:
1. It is of no charge. Lenders, at least the ones I work with, do not charge you to speak with them. It is a consultation over the phone and they ask you to provide nuggets of information to get you started.
2. They will be able to uncover any debts or credit issues you have. The smallest unpaid debt can make difference in your buying power. It is important to uncover these early so that you can increase your buying power over the next few months to a year. Also if you have credit issues a lot of them will tell you how to raise your credit score or get you in touch with someone who will, a "credit doctor" if you will.
3. They can give you options! Depending on your situation as a buyer you may qualify for a loan that you are unaware of. There are first time home buyer's loans out there that have helped thousands of families begin their lives as homeowners!
Click here to learn more about the NCHFA loan that is granting $15,000 towards buyer's Down Payment!