2007-01-13 17:26:46 · 7 answers · asked by lisa h 1 in Business & Finance ➔ Renting & Real Estate
bank first, to get prequalified for financing. They'll write you a letter telling you how much you prequalify for... Then take that to a realtor and let him or her do their job. If you're seriously in the market, use the realtor as a buyer's agent.
2007-01-13 17:31:43 · answer #1 · answered by I hate friggin' crybabies 5 · 2⤊ 0⤋
Go to a reputable mortgage banker/broker first. A pre Qualification, doesn't mean much, as it goes by the info you give, and has not been verified. It does give you an idea of what you can afford. Be aware that generally the lender will want pull your credit, and each time that is done your credit is negatively affected. You can ask in advance if you are shopping lender that they give you a copy of your credit, so it doesn't get pulled repeatedly. Also fix any credit issues you have (ie. paying down a credit card), as that will affect your interest rate. Research various loans, I advice cliesnt to stay away from Interest only loans, ans many people are now losing homes over them. DO YOUR HOMEWORK, be diligent.Then find a Realtor, keeping in mind, that the SELLER pays the Realtors commission so using an agent is at no cost to you. My personal advice as a Realtor, is to be firm about your budget, if you won't be comfortable with the mortgage, no matter how much you love a home don't buy it. Once you own a home, and it appreciates and you have earned some equity you can get your dream home. It is much harder to move down , rather than moving up. I don't take clients into homes they can't afford, as there is no point at looking at things you cannot afford. Then when you see the homes you can afford, you compare them to the pricier homes....Why go to a Ferrari dealership when you can only afford a Toyota? Good Luck!!!!
2007-01-13 17:50:15 · answer #2 · answered by Belle of the Ball Flagstaff 2 · 0⤊ 0⤋
Before you begin to shop for a new home, you should set up a time to meet with a mortgage broker so so they can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, they will collect information about your debt, income, and assets. They’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. They will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.
It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.
2007-01-13 18:03:47 · answer #3 · answered by orlandomortgagebroker 2 · 0⤊ 0⤋
Decide how much money you can spend on the purchase of a house. Meet with Real Estate Agents, determine how you will purchase the house.
2007-01-13 17:33:38 · answer #4 · answered by newyorkgal71 7 · 0⤊ 0⤋
I would suggest getting pre-approved for a mortgage. This will give you a better idea of what type of house you can afford.
I had a fantastic mortgage broker (instead of a bank) who found me an amazing mortgage rate (better than what the banks were offering).
Good luck
2007-01-13 17:36:11 · answer #5 · answered by pianogal73 3 · 0⤊ 0⤋
Yes, then buy books that tell you the process. Surprise is never a good thing when buying a house. The book can help you make the right decisions.
Insist on a survey and inspection by a professional.
2007-01-13 17:35:39 · answer #6 · answered by JanieDee 2 · 0⤊ 0⤋
Go with Slappys answer. Right on tee.
2007-01-17 16:18:09 · answer #7 · answered by Boricua Born 5 · 0⤊ 0⤋