You've decided that you want to own your home. Great, what's the first step? You could get prequalified as a preliminary step. You would go online or call up a lender who bases the loan amount you qualify for on what you say you make, what you pay out and what you own. It's quick, easy, and can be free. But it's not always accurate.
I recommend that you get preapproved. You would be charged a fee to complete a mortgage application and you would have to provide documentation for a detailed assessment that would include a credit check. After everything is done and you are approved, you will have a specific mortgage amount that you are approved (conditionally) for with an interest rate. You might be able to lock-in the rate for a period of time, while you are house hunting. After you find the house you fall in love with, your agent can submit your offer with the preapproval letter. Seller's agents are listing it as a must-have more often than not with submission of an offer. This definitely gives you an advantage.
Why not make the time to get preapproved so you know how much house you can afford?
Jewel Swinton
Exit Upstate Realty
(864) 363-7808
jewelswinton@exitupstate.com
Contact me for all your real estate needs.
Comments(0)