Home Buying Mistake #4

By
Real Estate Agent with Keller Williams Southern Arizona

Home-buying Mistake #4
 
 



There are several mistakes some home-buyers make, and some of them are huge!

 

MISTAKE #4: FAILING TO GET PRE-QUALIFIED FOR A MORTGAGE LOAN

 

Don't waste hours searching for a home that is not in your price range! Save time and money by pre-qualifying for a loan.

 

Before you go shopping for a home, you need to determine how much you can afford. Once you are pre-qualified for a mortgage, you will know what your buying power is. You will save time by looking only in your price range.

 

This process is simple. A lender will ask you basic questions concerning your history, run a credit report, and determine your buying power. You can even get pre-approved for a loan! Imagine for a moment, if, when you and your Realtor initially draft your offer for the home you select, you are already approved for the loan - IN ADVANCE... No stress, no worrying about qualifying, no concern about your ability to qualify would stand between you and the home of your dreams.

 

In today's market, a pre-approval can be a powerful negotiating tool. The old system saw the buyer spending many hours locating the perfect home, carefully drafting an offer, awaiting acceptance of the offer, consulting a loan officer, filing the multitude of forms and applications, and sometimes this was all a waste because, for whatever reason, he was turned down for the loan.

 

You deserve peace of mind and negotiating power by getting an approved loan before you make an offer.


James Servoss
(520) 918-4857
jservoss@LongRealty.com
http://www.luxurytucsoncondos.com

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Rainmaker
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Shelley Rowton
Move To Realty - Austin, TX
ABR, RSPS - (512) 507-5779 MoveToRealty of Austin

This is a mistake made by agents as well as buyers!  Too many agents spend time with buyers before requiring this!  I think it's my job to protect the buyers emotions as well as their interests.  Why show them homes they can not have?!

Jul 16, 2010 12:12 PM #1
Rainmaker
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Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

I still get calls from agents who want me to Pre-Qualify the buyer after they have seen the property.  I think that some agents are just too afraid to be too firm on getting it done in advance.

Jul 16, 2010 01:19 PM #2
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Rainer
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James Servoss

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