“With the housing market beginning to level off here in Phoenix area, many people feel that now is the time to invest in a home, weather your a 1st time buyer or just moving up. Have you been online looking at homes, driving neighborhoods checking out open houses. Then I am sure you have realized that homes are flying off the market, homes are moving fast here in Phoenix. So you better have all your ducks in a row.
Are you confused about how to started lining up those ducks or have a few simple questions?
One of the first to-dos in the home buying process is to get your finances in order and get a pre-approval from a lender. Start shopping for your loan. This will take the guess work out, you will know exactly what you are qualified for and that you ARE qualified.
Putting you ducks in a row. Finding the right loan and lender is very important to your home buying success. I always suggest speaking with at least three lenders before you decide which loan to take. You may be surprised!
A mortgage broker looks at several different loan companies to find you the best interest rates and programs out there. However, your small local bank or your credit union may have options as well that will save you money.
The lender will perform an extensive check of your finances including your credit rating, whether or not you're a first-time buyer, what your debt load is, how much money you have to put as a down payment, etc. This figure will be a much more reliable estimate of what you can afford.
In most markets, pre-approved buyers are preferred over those that are merely pre-qualified. Being pre-approved lets the seller know you have gone through an extensive financial background check and there should be no unexpected obstacles to you buying their home. After finding a loan with the correct terms you can begin shopping for a home. NOW that putting you duck in a row.
Linda G. Wieczorek ABR,CNE, CSSN,SRES®
REALTOR®, 602-391-8246
Arizona Elite Properties /AZPrideProperty.com
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