Buyer's Guide

 

 Why Do I need to prequalify with a lender before shopping for a home?

 

  • With prequalification, you can determine which loan program best fits your needs and which programs you qualify for. For example, FHA, Conventional, VA.

 

  • You will know exactly how much you are qualified for. It's no fun to find your "ideal home" and then find out you can't afford it.

 

  • Your monthly payment will be set. This will allow you to budget your payment before your purchase.

 

  • It shows you what your down payment and closing costs will be so you’ll know how much you’ll need to bring in to close escrow.

 

  • You can learn of special buyer programs that may assist with offering grants to help with your down payment or closing costs.

 

  • If you need another co-borrower on the loan to help you qualify for a higher mortgage, you should both qualify together.   This also is the time to verify the giver of gift funds for your purchase.

 

Now that you are prequalified, let’s start shopping for your home

 

  • We can meet at my office to discuss your desires and expectations of the type of home you are looking for, area, school district, etc.  Also, at this time I will set up an account with you so you will have access to the MLS. You will be sent regular updates on new listings and price changes on homes that meet your criteria.

 

  • Soon after meeting, I prefer to put together a package of the things that will accompany your future offers. This includes a copy of you preapproval letter, your fico scores, proof of funds (bank statements with down payment $$) and a personal letter about yourself to the seller.   This way once you find the right house your supporting documents will be ready to send with your offer.

 

  • I will schedule appointments for us to go together to look at homes you are interested in.  We don’t just look at the house but also the schools, shopping, freeways and other things that are important to your decision making.

 

  • If a home you like is attractive to you (in good condition and priced well) others will feel the same way. These homes usually sell very fast. It is important to move quickly with sending the seller an offer.

 

  • We are currently in a competitive market with lots of buyers and low inventory so I will aggressively search for the right home for you and do my best to make sure your offer is the one that gets accepted.  

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