They’ve decided it’s time to purchase their first home, and began visiting Open Houses in the area. They meet a real estate agent that fit their needs, but they’re not sure what they can afford. Through the guidance of their new agent, Simon & Sybil meet with a reputable lender.
Simon & Sybil are an agent’s dream come true. Meeting with a reputable lender is the most important aspect of the home buying process. Why? It’s simple. Every buyer should know if and what they can afford before running around aimlessly from house to house. One of the worst things that can happen is finding the home of your dreams, only to find out that you’ve been pre-approved for $50,000-$75,000 less. Or much worse, you’ve been declined for a loan.
My Advice: Simon & Sybil, you are on the right track. Most of us don’t go grocery shopping without knowing how much we can spend, so why should the purchase of your first home be any different? Also, when the two of you find your future home, attaching a pre-approval letter with the offer can go a long way. If you aren’t the only offer on the table and the seller’s are on the fence, your pre-approval letter (along with an offer they can accept), may shift the balance to you. Being pre-approved also lets the sellers know of your commitment to the home buying process. Best wishes!
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