Thursday, March 29, 2012

Buyers' Tip



Before you see a realtor, go see a lender! Preferably one with an in-house underwriter. They will want to see your tax returns from the last two years as well as your W-2s, bank statements from the past 2 months at least, a recent pay stub, and maybe a few other things. Are they prying into your business a bit much? Kind of. They need that info to make sure you can afford a loan. They'll also check your credit rating and if you do this before you even look for a house their might be some simple thing you can do to fix that credit report.

Your lender will also be able to tell you about the various loans you may qualify for and around how much money you can spend on a house. YOU DO NOT HAVE TO BUY THE MOST EXPENSIVE THING IN YOUR PRICE RANGE. (We'll discuss being house-poor in a future post.)

This visit to a lender is essential. Do it before you shop so you won't risk falling in love with a house you can't attain the funds to purchase. Besides most sellers require a letter from your lender, saying you can afford the house, before they will accept your offer. What's more it will help save time with the closing if your lender has all your info ready to go to all the channels it needs to go through before you can get the keys to your new home.

Good Luck,
Margie Maybe
Town Favorites Realty
Margie@townfavorites.com

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