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Seven Secrets for Highly Successful Buyers
1.Assess and Monitor Your Financial Situation
Obtain your credit scores!You can do so at www.freecreditreport.com .Determine any ‘weak links’ in your scores and do what you can to remediate them. If you’re renting, start collecting proof of rent submitted as many lenders will request this information. Also, it’s important at least six months before you intend to file for a mortgage, to NOT make any large purchases, be that a car, motorcycle, furniture, etc.Any large purchases can affect your debt-to-income ratio which will jeopardize your ability to qualify for a mortgage.
 
2. Obtain a Pre-Approval for a Mortgage
After you’ve watched your dollars and cents, the next thing you should establish is a budget based on your income.Once you’ve determined a price point, it’s imperative to speak to a mortgage broker to obtain a pre-approval letter.This primary step will save you hours of time and potential aggravation by simply verifying how much house you’re qualified to purchase.Why look at $800,000 homes when you can realistically afford a $600,000 home?A pre-approval letter is also ALWAYS included with the offer to purchase.No seller will ever consider your offer unless it’s accompanied by a pre-approval letter.It’s also important for you to know that ... more

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