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Because of the cost involved with purchasing a home, the majority of people  must borrow funds to enjoy home ownership.

When you first decide to look for the home of your dreams, the first step you should take after selecting a Realtor to represent you, is to pre-qualify for a mortgage.  This involves you meeting with a lender and giving them your overall financial  picture.  From this information, they will give you a rough estimate of the amount of money that may be available to you for your purchase.  This is not a guarantee of funds, but rather an estimate.

Next you will want to get a pre-approval for your loan by completing a mortgage application and supplying detailed information to the lender. Even if you have not found the right home to purchase, the lender will give you a specific amount that you will be qualified to borrow  based on the information you have supplied.  You will also be able to find out what type of interest rate will be given for your loan.

During this process all of your information will need to be verified.  When you have final approval, it is important not to make any changes that affect your financial picture until your loan is funded and you have purchased your home.  Changes of income, employment, new debts, etc. will change your loan approval status and could potentially void it.  If you need to make any changes, always check with the lender or your agent to prior to making them to be certain they will not adversely affect your loan approval status.  Prior to closing, is not the time to purchase new things for your home thinking all is ok since you have been approved.

Starting your home search knowing exactly what you can purchase will save you a lot of time and trouble.  Why waste time looking at homes that are far above your limit.  Know where you stand, this will give you power to pursue with confidence the home you love when you find it, knowing that it is in your price range.  Also, it will give your offer strength with the sellers when they see that you are an approved and serious purchaser.

EXIT First Realty is here to help guide you through this process and our agents would love to assist you with your next move.  We can help you with all of your real estate needs.

Bowie MD Real Estate - Listings for sale and Real Estate Services in Bowie Maryland and surrounding areas. You now have free access to Bowie, MD, Ultimate Real Estate Search Engine. Google or call us today.  EXIT First Realty  301-352-8100

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Dated: August 22nd 2016
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