The first step to any home search isn't often made clear. For some, creating an online home search seems like the proper approach. For others, driving around visiting open houses may feel like the best course of action. And many buyers even start calling local real estate offices to interview agents to potentially work with.
However, these approaches are skipping the most important step of all; the mortgage pre-approval.
Knowing how much you can afford is one thing. Knowing how much you are willing to spend is another. But, knowing what the bank is willing to lend you is what truly matters.
A mortgage approval is based on more factors than just your credit score and income. And, there are so many different options (or mortgage products) out there, it would be most beneficial to get all that information up front and out of the way.
Another important thing to consider is that most sellers will not appreciate having to prepare their home for a showing, if the buyer is not ready, willing and ABLE to purchase. There is no room for tire kicking or window shopping in this market.
Besides, if you happen to find something you do like, and want to make an offer, you'll be left with your hands tied if you weren't prepared with a pre-approval in hand. Proper Prior Planning Prevents Poor Performance.
Schedule a free mortgage approval consultation here