As a real estate agent, I have heard of this many many times from a buyer. And as a buyer, why would you want to spend your time and energy to do all the researches and find out you may be 10 points away from 620 credit score (minimum required credit score) to get a loan approval?
I am saying it can be anything on your credit report that you may not aware of and it stops you from getting a loan. If you are serious of buying, you owe it to yourself to find out how much you can borrow and how much is your monthly note will be. Looking at houses without talking to a lender first is just like walking on a tight rope blind folded.
When I work with buyers, the first thing I suggest them to do is to get a loan pre-approval. You need to know how high you can go, what is your interest rate, what type of loan is the best fit for your financial status. Tell me, would you know all these answers if you don't talk to a lender first?
I have seen buyers who have very good income still can't borrow a loan, so don't take anything for granted. Find out for sure and you really owe it to yourself.
Talking about interest rate, it is so low right now, your note could be cheaper than paying rent. If you think you are ready to be a homeowner, give me a call.
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