Buyers should not assume that their credit is or is not good enough to purchase a home. An important step when trying to get financing is to speak with a loan officer. The pre-approval process is not very complicated and is a necessary step to purchase a home, and to have a seller to consider your offer. Don’t assume that paying off your credit cards prior to running your credit is good. While paying off debt is always a good thing, when you’re trying to get financing, I would ask the loan officer to advise you where the best place to put your money is. Whether it’s paying off some debt or just leaving it in a savings account, the loan officer would be the best professional to help you make that decision.
A good rule of thumb: Don’t go out and charge large items on credit while trying to get financing, even if you’ve already received a pre-approval from your loan officer. Every debt accumulated can change your situation.
Once you’ve received a pre-approval letter from a loan officer to purchase a home, things get exciting. Now you can start shopping! It’s important that you understand the details of your pre-approval, such as the dollar amount that you qualify for, and also what types of loans qualify. The loan type will dictate the condition that the home needs to be in. I would recommend finding a real estate agent that understands this because it will help lead to a successful experience for you as the buyer.
Finding an agent may seem easy but finding the right agent can be difficult. We pride ourselves in knowing the real estate industry as well as the loan process. This knowledge is very helpful while working with buyers because we can eliminate challenges before they become a problem. While writing an offer, it is important to know how to protect your buyer and to look out for their best interest. We are able to direct and advise of important steps to be taken from the very start to finally closing on the home. Buying a home is one of the most important investments you make in life and we will be there to make it a successful one!