Buying a House? Get Pre-approved First!
It’s not the most fun, but getting a pre-approval is the first step toward buying a house. One of the first things to consider when deciding to buy a home, is determining how much you can afford. It’s not always as cut and dry as we would like it to be. There are a lot of different things lenders looks at that may not be apparent at first glance. It’s a great way to interview prospective lenders and learning what different options are available to you when.
A lender will look at total income and debt payments that leverage different ratios that result in a dollar amount that you can afford. This can depend on a number of factors like loan type and length of mortgage. Another key part of this is process is that you can get out in front of problems early. Simple things like that collections due to the Blockbuster video you forgot to return can stall a loan. Sometimes, money needs to be “seasoned” for you to use it. It’s an opportunity to prepare for the process.
Also, having a pre-approval letter is often times a requirement to submit a purchase contract. It will not only show the seller that you are qualified, but also that you are a serious buyer.
You can prepare yourself right now, and start the pre-approval process. Let your agent know if you need a referral. You can also fill out a pre-approval request online with our preferred lender. Buying a house has a lot more steps, but getting started off on the right foot will maximum your times spent searching.
Get started at: https://www.huntington.com/mortgage/beck-kevin