BEFORE you look at homes - talk to a Lender!!

By
Real Estate Agent with Keller Williams Northeast Realty
https://activerain.com/droplet/9YF

Yes, before you even begin to shop for homes, we can't stress enough how important it is to Talk to a Lender! You will save yourself time, energy and possibly heartache.

Here are 3 reasons why:

*It's important to understand how much home you can truly afford. With today's interest rates it may be more than you think. But if not, it's very discouraging to shop first then pare down your dreams to fit your budget. It will leave you feeling disappointed and less excited abut the home ownership process. Buying a home should be fun so find out how much you can afford, THEN shop.

*You must submit a pre-approval with any offer. As of February 2011, this is no longer an optional advantage but a requirement.  So if you see your dream home on a Friday but can't talk to your Lender until Monday you risk the chance that a more prepared Buyer will secure the property before you have a chance. In this market it's very common for the best homes in an affordable price range to have multiple offers. You, the Buyer, must be competitive, which means being prepared.

*Your agent and your Lender can work hand in hand to smooth your path to successful home ownership! Having a good team in your corner greatly increases your chance of getting the best home for your money. Some properties and neighborhoods will accept certain types of loans. Similarly, some sellers will offer incentives to assist with your loan or closing costs. Knowing your options opens doors you may have thought closed, literally.

At The Sol Group, we Personalize your Home Ownership Experience to help you achieve your dreams! We'd be happy to refer a quality Lender to guide you.

Contact us, we can help!

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Rainmaker
163,072
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Great post.  This can not be stressed enough, buyers should understand how important it is to talk to a lender before viewing listings. 

May 17, 2011 04:29 PM #1
Rainer
85,188
Scott Silverstone
William Raveis Real Estate - New Haven, CT
www.CTProperty.com, Connecticut Luxury & Waterfront Realty

Great points.  So many people think they can find the home they want first and then figure out the finance component second.  If someone is getting a loan, a pre-approval should be mandatory before any showings.

May 17, 2011 04:29 PM #2
Rainmaker
588,565
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

I wish that all buyers understood this.  I won't take someone out to look for a home until after they have gotten their preapproval letter.  If necessary, I will drive them to the lender they choose and sit with them while they meet and get the verdict on what they can afford on the terms for which they can qualify.

Now and then I have trouble getting a buyer to understand why this is necessary. They will say something like, "I know what I can afford."  I just tell them that they will have to have the letter to submit with an offer, so why not get it first - that way if they find the perfect home they won't have to wait a day or two to put in their offer and perhaps lose out to another buyer in the meantime.

May 17, 2011 04:39 PM #3
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Rainer
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The Sol Group Arizona Real Estate

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