So.... you've decided to purchase a home! Great idea. This is a good time to purchase. The market is overloaded with homes for sale. The prices are lower than in the last few years, interest rates are low. We are definitely in a buyers market!
So what do you do now? You need to speak with a mortgage lender or bank and get pre-qualified. Why is this your first step??? It is because you need to know what your price range will be. It would be a waste of time to go around looking at $300,000 homes and then make an offer on one just to find out that you can only be approved for a $225,000 home! Save the heartbreak and know your price range before you seriously begin searching. Pre-qualification is not a final approval. It is an estimate of what you would qualify for based on what you tell the lender. They might not check your credit or verify your income with your employer. They will go on your word for now. Getting pre-qualified is simple and you can usually do it over the phone. Once you are pre-qualified, the lender will send you a letter stating what you are pre-qualified for, and then you can begin searching with confidence! Next post will be about deciding whats important to you in a home. So go make that phone call now and get pre-qualified.
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