I have been in real estate here in the Spartanburg SC area for over 12 years now and it never ceases to amaze me when buyers do not want to get preapproved! They want to go look at houses and WHEN they find the right one then they will get preapproved! Now, I suppose that makes perfect sense to them, however it is "putting the cart before the horse" as that old expression goes! Buyers, if you are reading this and recognize yourselves, please keep reading as I share why this does not make sense.
- Have you looked at your credit report lately? There could be something there that needs to be cleared up before you can buy!
- How much debt do you have? You may need to look at a different price home than you think you need to be looking at! Your debt ratios may prevent you from going as high you might like!
- Is your employment situation really permanent? Quite often you cannot get approved for a mortgage if you are a temp or a contract worker.
- Did you recently buy a new vehicle with a big new car payment to match? Could affect those debt ratios!
- Did you change jobs recently and now you work in a totally different field? You might need to wait a little longer!
- Past foreclosure, short sale, or bankruptcy? Usually need at least 3 years of really good credit history before you can buy again.
- Have you applied for alot of credit recently? Lots of inquiries can affect your scores!
- Any recent late payments? Many loans require a 12 month history of no late payments.
Buying a home is NOT like buying a car! Make sure you get preapproved before going out to look at homes and make sure you find qualified professionals to help you every step of the way. The home buying process can be lots of fun, but also can be stressful with lots of possible landmines along the way when you go it alone!
So, remember, don't put the cart before the horse!
Please feel free to contact me if I can help and visit my website at http://www.sellingupstatesc.net/.
Happy house hunting!!