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الجمعة، 2 مايو 2014
If you have been spending your weekends browsing open houses and can't wait to buy a new home, this is an exciting time for you. On the other hand, it's a huge purchase and the entire home-buying process can be overwhelming. For those ready to look for a home to buy, consider completing some initial work prior to getting out there and looking at homes.
Do you need to be pre-qualified or pre-approved for a loan? This is question that people often want answered. In general, pre-qualifying is a simple process where a lender quickly gives you a very general idea of how much you might be able to get for your loan amount. It is no guarantee that you actually will be able to get that amount, but it provides you with a quick estimate of what your budget should be. It's usually free and often only takes minutes, so while it can be a great first step, pre-approval actually is more important.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
In theory, the whole process of pre-approval begins many months before you meet with a lender. In the six months leading up to buying a home, this is the time to strengthen your credit score and save up money for your down payment, your closing costs and other fees associated with buying a home. Obviously for many buyers, your down payment will come out of the sale of your current home. However, the months prior to buying a home are scrutinized by lenders so don't open new credit card account or purchase any big ticket items prior to buying. This is a time to look as steady and responsible as possible.
Also type up a list of your wants, likes and dislikes for your realtor, as well as sharing how much you wish to spend and your pre-approval loan amount. All of this is essential information for a real estate agent. While you probably cannot realistically find a home that has every single feature you want, be sure to share the most important items with your realtor. This will include the locations that you want as well as the size and general configuration of the home's layout.
Of course, finding a terrific realtor definitely helps make the home buying process a lot easier. For buyers interesting in Kerrville real estate, Fredericksburg real estate, San Antonio real estate or any type of Texas Hill Country real estate begin your search with a call to Nixon Real Estate. This team of seasoned real estate veterans can help you find a great home in Texas Hill Country.
Do you need to be pre-qualified or pre-approved for a loan? This is question that people often want answered. In general, pre-qualifying is a simple process where a lender quickly gives you a very general idea of how much you might be able to get for your loan amount. It is no guarantee that you actually will be able to get that amount, but it provides you with a quick estimate of what your budget should be. It's usually free and often only takes minutes, so while it can be a great first step, pre-approval actually is more important.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
In theory, the whole process of pre-approval begins many months before you meet with a lender. In the six months leading up to buying a home, this is the time to strengthen your credit score and save up money for your down payment, your closing costs and other fees associated with buying a home. Obviously for many buyers, your down payment will come out of the sale of your current home. However, the months prior to buying a home are scrutinized by lenders so don't open new credit card account or purchase any big ticket items prior to buying. This is a time to look as steady and responsible as possible.
Also type up a list of your wants, likes and dislikes for your realtor, as well as sharing how much you wish to spend and your pre-approval loan amount. All of this is essential information for a real estate agent. While you probably cannot realistically find a home that has every single feature you want, be sure to share the most important items with your realtor. This will include the locations that you want as well as the size and general configuration of the home's layout.
Of course, finding a terrific realtor definitely helps make the home buying process a lot easier. For buyers interesting in Kerrville real estate, Fredericksburg real estate, San Antonio real estate or any type of Texas Hill Country real estate begin your search with a call to Nixon Real Estate. This team of seasoned real estate veterans can help you find a great home in Texas Hill Country.
About the Author:
Pammy McGrath likes reading real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to discover a Fredericksburg homes for sale, please check out the NixonRealEstate.com website today.
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