What Kind Of Down Payment Do You Need?
What Is Private Mortgage Insurance?
How Much Difference Do Interest Rates Make?
Tips for Buying Your First House
What is a DU approval?
Get Pre-Approved for a Loan
Buying a home will most likely be one of the largest and most important purchases of one’s life. Going out and looking at houses may be fun and exciting. Though, finding the right house and then not having your pre-approval in place will only hurt you when you find out that you can’t qualify it. Buying a house is a process, and finding out what you qualify for upfront will let you know what price range to look at right out of the gate. If you have already been in touch with a Realtor that you will be working with, ask them for a few lender referrals. They will have a handful of great resources. Once you sit down with the lender you feel comfortable with, they will ask you for many things from your financial history. After reviewing, they will provide a pre-approval letter stating the amount of money the bank is willing to lend you for the home you are about to buy. To become a stronger buyer, you should ask for them to give you a DU approval.
Length of Time for Pre-Approval or DU Approval
What Does The Buyer Need to Provide?
Sellers Thoughts When Selling a Home
Working With a Professional Realtor
Once you have completed the paperwork with your lender and have an official pre-approval, or better yet, a DU approval, your Realtor will be able to help you search for the right house within your budget and the neighborhood that you have decided works for you. Knowing ahead of time what price range to look at will make that process smoother for everyone. Showing homes that are not in your price range will just set you up for failure, frustration, and a big waste of time. Doing all of your homework upfront will end in a win-win for all parties involved.