First Time Home Buyers Should Speak With A Mortgage Lender Before Shopping For A Home
I advise all of the first time home buyers that I work with to speak with a home mortgage lender before we begin to shop for homes. This is because there several factors involved with being approved for a home mortgage loan!
First of all, it is important for the real estate agent to show the home buyer homes within their price range. Mortgage lenders will verify income. In addition, there are several types of home mortgage loans. The home buyer’s credit score, as well as debt to credit ratio will also impact the amount of the home loan.
It is not uncommon to have a 640 credit score and still not be approved for a USDA home loan. Perhaps the annual income of the home buyer exceeds the mandated allowance, or the debt to credit ratio will be above 41% with a home mortgage. Speaking with a mortgage lender first allows the home buyer to choose the home mortgage loan that is best for them, and helps the buyer to choose homes that are within the price range of the pre-qualification letter.
When A Home Buyer Is Prequalified, The Seller Knows They Are Serious About Purchasing A Home
Shopping for a home is somewhat similar to shopping for a car. A good real estate agent will work on behalf of the home buyer in order to get them the best deal possible when purchasing a home. When the home buyer takes the time to get prequalified before searching for a home, it lets the seller know that the buyer is serious about purchasing. Often times, when the seller knows that the home buyer will still buy a home even if the home buyer doesn’t agree with the seller’s terms, the seller will negotiate a final selling price that may benefit both parties.
As you can see, it is very beneficial to get pre-qualified before you start searching for your forever home. Don’t worry, I promise to be there every step of the way in order to make the journey as stress-free as possible! So call me, and visit my preferred lenders. I can’t wait to help you find the perfect home!
Let Me Get You Those Keys,