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
Author:Exit Blogger Phone: Dated: August 22nd 2016 Views: 163 About Exit: ...
EXIT First Realty, a full service residential real estate brokerage serving the Greater Washington DC Metropolitan Region, currently employs over 50 licensed Real Estate agents. Our agents come from diverse backgrounds but all are dedicated to providing the highest quality service to our clients. EXIT First Realty is a multilingual facility with representation from five countries and four different languages and its leadership team brings over 60 years of full-time real estate experience.
Our office is fully equipped with an integrated network of computer and communication systems. We have instant access to the regional Multiple Listing Service, Public Record Searches, and many other tools and services that our agents use to better serve you.r />
In addition to our agents and brokers, we also have administrative staff members that work tirelessly to accommodate any and all of your needs. They help coordinate meetings, set schedules, and ensure the timely processing and delivery of all your documents.
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" Denise and I would like to thank you for assisting us in the sale of our old home and the purchase of our new home. God's timing is not our timing (thankfully so!) Your extra efforts were very much appreciated.
In Him, "