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Home Buyers to get Pre Approval for a home loan BEFORE looking at homes for sale.
Your credit score is gold, it counts not just for buying houses, but for getting a car loan, renting a home or condo and determining how much interest you will pay on your credit cards.
Your credit score tells everyone how well you pay your bills on time.
Being late on your bills effects your credit score and can result in being turned down for a home loan, car loan, etc.
Be sure to visit the Federal Trade Commission for all your questions about credit reports, scoring and fixing credit.
Just this week I received a call from a potential home buyer who said she knew what she could afford by simply checking on-line using a mortgage calculator. Not true! The mortgage calculators do not add taxes and insurance so the amount you are looking at is not reflective of what a house payment will be.
Not to mention that it is not necessarily the amount a Lender would qualify her for. You MUST get pre approved by a Lender. Don’t waste your time nor your Realtor’s time until you have your letter of Lender approval.
There are so many reasons why getting Loan Pre Approved is important:
- Some houses you may NOT be able to buy depending on the loan you are getting
- Your Realtor needs to know what type of loan you are getting in order to write an offer
- You need to know what your monthly payment will be and feel comfortable with the fees your Lender is charging
- Sellers and Banks REQUIRE a Lender approval
Don’t get approved on-line. Buying a house is an important step, take the time to sit down with a reputable Lender and ask questions about a home loan. Become familiar with the type of loan you are getting.
- Is the person behind the desk, that you are getting your loan from, licensed?
- Do you know what kind of loan you are getting?
- Are you paying origination points? If so, how much?
- How much is the Lender charging to do your loan?
- Did you ask for a “good faith estimate?”
Sacramento home buyers come to me knowing what type of loan they are getting, know how much they are qualified for and understand how much they feel comfortable spending.
If more Sacramento home buyers had followed these steps, maybe we wouldn’t have seen all the foreclosures we see today.
Don’t be a statistic, do your due diligence and get Pre Approved from a licensed Lender and then give me a call. Remember, getting a loan has changed. Banks are looking closely at your credit history and your income.
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Other Home Buyer Articles:
Sacramento Real Estate Has A Tip
4 Simple Steps for Sacramento Home Buyers
How would I be able to fix my credit so I could buy a house in the future. Thank you J.N.
Jose, it’s important that you speak with a good lender who can pull your credit and talk to you about how to improve your credit. Make sure you look over all 3 credit reports and make sure they are correct. In the short term, paying your bills on time will help to improve your credit.
Its an honor leaving comments on your blog