Make Your Financing a Grand Slam – Not a Foul Ball!

Many buyers start their home search with the attitude that they know exactly how much money they make yearly, and have already budgeted out what they can afford to buy. They don’t want to contact a lender until they’ve found a home that they want to buy. Why bother if you don’t know there’s something out there that you like? Right?

WRONG!

You may think there’s no way that you could possibly be denied loan approval because your monthly income is stellar, but keep in mind that lenders take more than just your income into consideration. If you don’t have all of the information beforehand, there’s a chance you could miss out on that perfect home!

When you apply for a mortgage loan, your loan officer will look at a long list of factors, one of which is your credit. Unfortunately, if your credit doesn’t meet the minimum standards it doesn’t matter how much your monthly income is. You most likely won’t be approved for your loan.

So the next time your Realtor asks you if you have spoken to a lender yet, or been pre-approved, please don’t be offended. We are not asking because we are nosy. We are asking because it’s our job.

Here’s why getting that loan pre-approval is important before you start looking at houses:

  • Having a pre-approval letter from your lender gives you a price range to show you what you can actually afford, and shows you what your expected monthly payments would be. This prevents you from wasting countless hours searching for homes in the wrong price range. You might actually qualify (and be comfortable with the monthly payments) for a home in a higher price range than you thought you could. But on the flip side, you don’t want to fall in love with a home you can’t afford to buy either!
  • When it’s time to write the offer, you’ll need to include that pre-approval letter when you submit the offer to the listing agent. If you haven’t started the pre-approval process with a lender yet you could end up waiting for days, or even weeks if there are complications, and your perfect home could be long gone by the time you have your letter in hand.
  • If you are in a multiple offer situation, and your offer was submitted with a pre-approval letter but the other buyer’s wasn’t, your offer could be viewed more favorably by the seller!
  • There are no surprises about your credit or income that will keep you from being able to purchase the home you’ve chosen and decided to buy. You’ll already know!

Having the pre-approval letter before you start your search could mean the difference between closing the deal on your dream home because you were prepared and continuing your search for longer than necessary because you waited too long to get started.

There is nothing worse than searching long and hard, finding a home that you absolutely love, sitting down to write the offer, and THEN calling your lender to find out that your credit is too low to qualify to purchase the home that you just fell in love with. It’s very sad when that happens, so make sure to start your home search armed with a pre-approval letter from your lender so you are prepared to buy your dream home once you’ve found it.

If you don’t know who to call to start this process, feel free to contact us, we have a list of excellent lenders that would be happy to help you get started with your loan pre-approval process.

The BCS Dream Team of Cortiers Real Estate serves the real estate needs of home buyers and home sellers in College Station, Bryan, Wellborn, Caldwell, Iola, Navasota, Hearne, Kurten, and the surrounding areas of the Research Valley. Remember that we can show you any property listed on MLS, even if it’s not our listing! Contact us today to start your home search, or to sell your property!

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