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I would love to take you shopping for your next home — I can't wait, in fact, and I bet you're excited, too. But before you even start browsing the listings, you need to get pre-approved for your home loan. You've probably heard this from a thousand different sources, and it may seem like I'm beating a dead horse, but I cannot stress this enough — shopping for a home before you get your mortgage approved is a fast path to heartbreak. I know from experience.
When I was shopping for my home two years ago, before I was a Realtor, I heard the same advice: GET PRE-APPROVED! But I ignored it like a chump, because I'd already bought homes before. My credit was established and I knew what I could afford. Can we just look at houses, please? Turns out, the market is a lot different than it was the last time I got a mortgage. I thought I was any bank's dream borrower — the banks thought otherwise. In fact, they wouldn't even consider me. Since the financial crisis, the banks have adopted some very tight requirements for loans — and I didn't meet them. I learned this only after I'd made an offer on a home to which I'd become quite attached. The seller had other offers and wasn't interested in waiting for me to come up with the money some other way. I didn't get the house. This is a truly heartbreaking experience, and I want to protect my clients from it.
Even if you think you know what you can afford, verify it with your lending institution. The rules have probably changed since the last time you did this. The market is competitive right now. If you are going up against other buyers, you need to prove to the seller that you are able to close the deal.
Call or email me if you have questions about getting pre-approved. I can refer you to a mortgage broker who will help you get all your ducks in a row before you start shopping. Then when you find the home you want, we can write an offer and move forward swiftly.
