A common question...
Why should I talk to a lender BEFORE I look at homes?
There are several reasons why this is a GREAT idea. Here are just a few:
•1.) You'll know what you can afford. Most folks "think" they know, but with requirements for loans changing on an almost daily basis, the truth - is most don't. Many Lenders can tell you over the phone in a matter of minutes.
•2.) Makes you a much stronger buyer. Again, the mortgage industry is fluid right now. If a reputable lender has put their stamp of approval on you, you're in a better negotiating position.
•3.) Time saver, talk to a lender first. If there is a problem that needs correcting the time to do it is BEFORE you try to buy a house.
•4.) Agents "should" have all their buyers pre-qualified BEFORE showing homes. What is the point of dragging a buyer through your $300,000 home that you just spent all day cleaning, then loading up the little ones and leaving. Only to find out those buyers only qualify up to $150,000.
•5.) Nothing worse than falling in love with a home only to find out it is out of reach.
These are 5 very good reasons, however this list could continue. Stay tuned as we will have a Mortgage industry update very soon.
