Sunday, May 19, 2013
House Buying Tips by first time home buyer mortgage
House Buying Tips
The fundamental and most important step is to get pre-approved for a loan. This will allow you to find out specifically what you are approved for, instead of working off of assumed numbers and figures. This process may be fairly straight forward whenever you have the support of a Realtor to advise you with each of the steps. A Realtor could help by referring you to respectable mortgage lenders in your area or interact with the lending institution of your choice. Agents are pretty familiar with the complete process and are able to help make the transaction as easy as possible. You'll find that by working with a Real Estate Professional you're comfortable with, purchasing a home can actually be a pleasant and gratifying experience.
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With a pre-approval commitment letter from the lender, you now have an accurate representation of what you can afford to buy. You need to ask the lender to approve you for the highest amount you can presently afford, then adjust your home research within that price range. Just because you may have been approved for let's say $200,000, this does not mean you should employ the full amount of your loan. If you begin looking at homes in the $140,000 range, and you fall in love with a home that is $160,000, then you know you could easily be approved for it as well since you have already been approved for a higher amount. You will take full advantage of your home search and save equally money and time once you know what your finances will allow.