Always Get Pre-Approved First!
There are certain things that have to fall in place before you can buy a home:
- Have enough for a down payment and all closing costs
- Know what closing costs are
- Clean up your credit score by clearing old debts and stop applying for other lines of credit
- Figure out how much you can realistically afford
- Know what you want in a home and what you can do without
But the most important thing to do is get preapproved for a mortgage, if needed. If, as a buyer, you don’t need a mortgage and are paying in cash, you are a rare breed and can log in to Facebook now. You don’t need to read this.
A pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information. Most pre-approval letters are good for 60 to…
View original post 385 more words