Why Get Pre-Qualified? Part I
There are several reasons to find out early how much of a mortgage you can qualify for. First, it is important that you know in the very beginning what price range house you should be looking for. It is pretty discouraging to get all excited about a house only to find out that it is more than you will be able to pay. It is somewhat akin to looking only on Lexus car lots, when you would really be more suited to a really nice model Chevy. We all like to pipe dream…..but dreams can become nightmares if you purchase a house that is too costly to maintain. I think the current foreclosure rates and easy mortgage money of the past have proven that. So, your local lender can be your best friend here. Ask to be prequalified for the maximum amount you could borrow. If you are working with me, I can assure you the last thing I will advise you to do is spend it all………..but it can be important information. Read the rest of this entry
Why Get Prequalified- Now What? Part II
So, you were smart and went to the bank. Now you know what you can spend if you should choose to do so and you know all of the requirements that the lender is going to expect you to produce in order to actually get the house. Read the rest of this entry
