Gaithersburg MD | Pre-Approval Should Always Be Your First Step
Gaithersburg MD Local Market Tidbits:
Today I decided to bring you some news about the things that matters the most to our local real estate market
As you are aware, the real estate market is like the weather. The economic conditions within the area are the most influential on home prices and its stability
Sometimes even within neighboring counties, our local real estate market could be completely different.
Yes, you may see disparities between Montgomery and Frederick counties even though they are just a few miles apart.
Today I want to talk to you about Pre-Approval Should Always Be Your First Step
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:
READ MORE: http://www.reallynicehomes.com/blog/gaithersburg-md-pre-approval-should-always-be-your-first-step/
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