First, ask yourself what your monthly payment is going to be. Use the calculator provided here to get an estimate on your monthly payment costs.
Second, ask yourself if you are in the position to buy a home. Do I have enough for a down payment? Do I qualify for a zero down payment purchase? Different loan programs have different qualifications. Click here to learn about the different loan options you have available to you.
Getting Pre-Approved will make you more desirable to Sellers. This is different from a Pre-Qualification since with a Pre-Approval an Underwriter has already reviewed your file and supporting documents. If you just have a Pre-Qualification, you may still be denied since that is an opinion of someone in sales, not a trained Underwriter’s approval. Your Pre-Approval Letter lets a seller know you already have a promise of lending and, once in contract, you’ll be ready for the fast track to closing. Making your Pre-Approval a great bargaining chip, since most Sellers want to close as quickly as possible.
Your Realtor will narrow down homes that suit your style and tastes, as well as show you homes in and around your price range.
Your mortgage professional will help guide you through the rest of the loan process which will include inspections, appraisal, final approval and closing. In most instances, this can take place in as little as 30 days.