So, you’ve decided your current place is not meeting your needs or it is just not fitting in with the lifestyle you have envisioned and you’ve decided it is time to look for a new place to live. You search the internet for homes in your area, but is that really the place to start?
The reason I ask you this is because you may have a ballpark idea of the price range of the homes you want to look at, but until you KNOW what a bank will loan you – you DON”T KNOW your real price range. That range is going to be determined by your salary, length of employment, credit history, FICO Score and assets – along with some other minor considerations. So, once you have decided you are interested in looking for a new place – start at the real beginning and get a UCC Loan Application by downloading one online or picking up one at a couple of different banks. Next, fill it out with the information it requests and take it to the Residential Loan Officer at your bank and tell them you are considering the purchase of a home soon and would like a Good Faith Estimate (GFE) and a Pre-Approval letter on what they will loan you. Do this at 2-3 banks and wait for them to get the information to you. Now, you know what your finances will provide for you in the way of the price range of homes you can consider.
One additional benefit of taking this step is that when you are ready to go get a Realtor to help you get the best deal on a home, you will already have the Pre-Approval letter that the brokerage will want to see before investing their time in taking you through the buying process. You’ll save your time and that of your Realtor’s – and that will make the process easier for all.
thejonesgroupc21 