You are so excited the lender qualified you for the home of your dreams so you are ready to move forward, but are you really? This is great news you qualify so let’s move forward but not so fast. This is just the first step. One you should take before you start home shopping.
You are definitely are going in the right direction getting pre-approved and qualifying means you are one step closer to getting the home of your dreams. You should sit down and set a budget for yourself, the amount of the home you want to buy may not fit into your budget, just because you qualify does not mean you can afford the home.
You must consider the monthly payment, interest, PMI ( if applicable) monthly taxes, and HOA. Many people come in here and have qualified, then when they see the breakdown, the realize they cannot afford the home of their dreams, because it does not fit in their budget.It is hard then to downscale and buy a lesser home, and buyers become disillusioned. So, before you go home shopping get pre-qualified and break down the numbers and see if that is within in your budget. If so move forward, if not set a realistic plan of what you really need or if you want to wait til you can afford the home of your dreams! Come in armed and prepared, therefore there will be no disappointment.
The best place to start is with your bank, but if buying a new home the best bet is usually the builders lender.
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