After being in the business for over 31 years theses 2 things (on many occasions) I have run into from buyers so many times. In fast paced markets (which we have in this area) buyer’s NEED to be preapproved alongside their offer to make themselves competitive. I encourage them to get 2 estimates so they can do the apples to apples comparison. Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It'll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won't feel rushed to accept an unattractive loan because you're worried you'll miss out on your dream home. This way if there are bumps on your credit you can be prepared to get those resolved before you actually start looking. Some buyers in their haste are not prepared to write that offer and feel a sense of rejection when they put in the offer and they get a rejection from the mortgage company.
The 2nd is your budget. Just because you can afford to buy up to 200K doesn’t mean you should go that high. Unexpected things (called life) will get in the way and the home of your dreams could turn into your nightmare. Try to be realistic. Look at the big picture. Try your level best to stay within your comfort zone. If it’s 2 people buying together make sure if one goes down unexpectedly the other person can keep those payments rolling in. In my 31 years I have had only 3 people lose their homes for lack of payment. The only person that can control that is you. Also if your one to take vacations or lots of summertime hobbies take those into account as well. Happy hunting for the home of your dreams.
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