After choosing your agent, the second step in finding your new home is to get your financing put together.
 

Being pre-approved for a loan is a critical tool when buying a home (assuming, of course, you are not intending on paying cash). Being pre-approved lets you know exactly what is affordable for you, and it tells the potential seller(s) that you are serious about buying their home. 

Getting pre-approved is simple, free and fast. What does it take to get pre-qualified? Basically, 15 minutes on the phone with a lender. The loan officer from the bank generally needs to know the answers to four questions:

1. How much money do you make? (salary, commissions, tips, trust funds, inheritances, etc.)

2. How much money do you owe? The will want to know both total amount and minimum monthly payment. (student loans, credit cards, car loans, boat loans, child support, judgments against you, etc.)

3. How much total cash do you have? (checking & savings accounts, stocks, bonds, IRA's, 401k's, gifts from family, etc.)

4. What is your Social Security number? (necessary to do a credit check)

Quite frankly, in any market, if you are planning on buying a home and you are not pre-approved, any offer that you submit on a property without a pre-approval letter from a reputable bank puts the prospective buyer at a disadvantage. Why?

Just think of it from the seller's perspective. If you're a seller, as soon as you accept an offer your home is off the market. Therefore, you would want to make certain the offer you accept has the highest likelihood of actually settling. If the buyer you are negotiating with has not even taken 15 minutes to get pre-approved for a loan how serious can that buyer be?

While our firm does not have any affiliated business arrangements with lenders we can make recommendations for several lenders who have provided our clients with excellent customer service and competitive rates. Please call or email us for this information.