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Buying a New Home

By
Real Estate Agent with Rodeo Realty

Although discovering beautiful neighborhoods where you imagine raising your family is the most exciting part of buying a new home, it is not the most important thing you do when beginning your new home adventure. There are professionals in the mortgage and real-estate industry who are trained and highly qualified to help get you exactly what you want, for the best market price available, and it is important to consult us both before you begin.
 
It's very important to speak with a trusted mortgage officer before you start looking for a home. Use referrals from friends, family and your real estate agent as a resource when shopping for one. Not only will they help you determine what your taste can afford, but they can also have everything prepared for when you do find the home of your dreams. How devastating to find the perfect home, only to find out that you are unable to meet the requirements for the loan, especially with REO (Real Estate Owned, or bank owned) properties because you may not get your down payment or earnest money back. 

 
It is of particular importance these days, especially with the market as volatile as it's been, that you prepare your offer with a pre-approval in your hands. These days the guidelines change frequently and what may have worked in the past, may not be the case today, so having a good mortgage officer who is current on the latest programs is integral to today's buying experience.
 

As well, be sure to understand the difference between pre-qualification and pre-approval. With a pre-qualification, the loan officer will usually just take your word on information such as income and debts, pull your credit, punch some numbers into a calculator and give you estimates on your limit and payment. Whereas with a pre-approval, this means they have actually run your information through a program and have a commitment from the lender securing your ability to obtain a loan and the necessary conditions that must be met.
 
With 34 years in the real-estate industry, I feel confident that my knowledge is invaluable to providing the best home-buying and selling experience possible for my clients. I am Carol Wolfe and nobody does it better.

Comments (2)

Marlene Pellegrini
Norwich, CT

Carol, you are right on with this post.

Oct 30, 2008 05:05 AM
Nicole Weidauer
Keller Williams Greater Seattle - Shoreline, WA

Wow- that was a very well written post. You provided great info and insight into the home buying process. Kudos to you!

Thanks for sharing, Nicole Weidauer

The Egerer & Weidauer Team, Keller Williams Realty North Seattle

Oct 30, 2008 05:41 AM