Getting Pre-Approved - Relocation Tips Video Series from the Southern California Relocation Dude
Video #2 in my Relocation Tips Video Series is about getting pre-approved for your relocation.
Here are the prior articles in this series in case you missed them:
Video #1 – Relocation Expenses
Introduction to Relocation Tips Video Series
As you are beginning to plan your relocation, it’s ESSENTIAL to get pre-approved if you are planning to buy a home in your new location.
The big question is whether you can afford to buy a new home before selling your old one.
Many sellers need the proceeds from the sale of their home to purchase a new one. That can complicate your relocation, unless you simply plan to move into a rental and buy later.
If you are in a fast moving seller’s market selling you home may be less of an issue.
But consider if you are moving to a similar market as a buyer?
Will you be able to compete in that market to buy your new home if you have not sold your current home? If you can afford to buy without selling right away you may be in a better situation. But it’s critical to understand your financial situation, regardless, to be able to decide what makes the most sense.
Getting a loan these days is not easy (see LA Times article about the challenges of getting a mortgage vs. 7% of people polled preferring to have a root canal) and requirements are tough. You need to start the process early and find out (1) what you can qualify for, (2) what your best options are, and (3) what these options will cost you so you can plan accordingly.
Stay tuned for the next post and video in this series on choosing whether to rent to buy a home in your new location.
Please give me a call at (760) 840-1360 so we can discuss your personal relocation situation, and needs.
Have any questions? Don’t hesitate to ask – I’ve done this a bunch of times myself.
