Why should you talk to a lender early on in the home buying process? I’ll discuss getting your financial ducks in a row today.
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If you want to buy a home, it’s important that you get all of your financial ducks in a row as quickly as possible.
Why?
Inventory is extremely low in our market, especially in the lower price points under $300,000 and even up to $350,000. If a buyer has not already been to a lender and supplied the necessary documents for a pre-approval, it makes it more difficult to get your offer accepted.
Getting pre-approved will make your offer stronger.
The first thing a seller will ask when you submit an offer is whether or not you have been pre-approved. Getting pre-approved just puts you in a stronger position to make an offer.
After all, the seller knows that the lender has gotten all of the documents they need and that your finances are all in order. You will probably need to send updated paystubs to your lender throughout your home search.
The other benefit of getting pre-approved is that you will have a better idea of what your house payments will be. You may get pre-approved for more than you can afford to spend. Property taxes and HOA fees can dramatically impact your monthly payment, so it’s important to have an idea of what kind of monthly payment you can afford.
If you have any other questions about preparing for your home search, give me a call. I would be happy to help you!
