It is a common misconception in the world of real estate that as a buyer you start looking at homes first, and then get pre-approved for a home loan.
There are few reasons why it's important to have your pre-approval done before you start actually looking at properties.
1) If you talk to a lender first, you'll know if you can even get a loan. It's not uncommon for glitches to be on your credit report that you're not aware of. Some may take a few months to get rectified, so it's advantagous to know about them before you waste your time looking at properties that may not be available when the glitch is finally taken care of.
2) You'll know exactly how much you can afford, and approximately what the monthly payment will be. Your monthly payment is actually more important than the purchase price and is the number you should ultimately be concerned about.
3) Most sellers will not even take your offer seriously if you are not fully pre-approved. As a matter of fact, banks that own foreclosures and REO's actually REQUIRE you to be pre-approved or they won't even consider your offer.
Buying a home is the biggest purchase most people will ever make in their life. Make sure you do your homework, get a great real estate agent, and do the process right.
Jessica Touchton-Buyer's Agent w/ The Landry Team, Keller Williams First Coast Realty
(904) 534-8416 jtouchton@kw.com
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