Before you start looking at homes it’s important to know what you qualify for in a mortgage and to obtain a pre-approval from a lender. With this knowledge you can tailor your search specifically to homes or condos in your price range.
The pre-approval process is when a lender looks at all of your finances and determines the amount of money you are able to afford in a mortgage. A pre-approval is an important tool that serves multiple purposes. For one, it lets your REALTOR® know what price range in which you are able to buy a home. It also tells potential sellers that you are a serious buyer and that you are qualified to purchase the home you are making an offer on.
To obtain a pre-approval, you need to contact a reputable lender. Ask your agent to suggest reputable lenders. Different lenders offer different programs that can best suit your needs. Talk to a few lenders, tell them your situation and work with the one that you are most comfortable with. If you are unable to get a loan at this time, ask your agent for a referral to a homebuyer counseling program which may help you get your finances and credit score into a position that will be attractive to lenders.
Are you ready to start the home loan process in the Cleveland area? Progressive Urban Real Estate can help! Contact us today—we are here to help!