Buying A House This Year This Should Be Your 1st Step

Dated: January 15 2019

Views: 54

Buying a House This Year? This Should Be Your 1st Step! | MyKCM

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments

  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

  3. Collateral: The home, or type of home, that you would like to purchase

  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home-buyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today. Contact Tricia Glover and The Glover Team at 540-846-0185 for more information. Check out our website at http://tglover.liveinfredericksburgva.com.

Blog author image

Tricia Glover

As an agent who's an expert in this local area, I bring wealth of knowledge and expertise about buying and selling real estate in the Northern Virginia Area. It's not the same everywhere, so you need....

Latest Blog Posts

What To Provide For Mortgage Pre Approval

What to Provide for Mortgage Pre ApprovalIf you’re in the market for a home, particularly your first one, it’s advisable to meet with a mortgage lender at the beginning of the process. Having a

Read More

The Question Is Carpet Yes Or No

Carpet Comfort for Your BedroomThe bedroom, particularly the master, is your personal haven. Part of what can make it cozy is a sumptuous carpet. But with so many types and styles, how do you?

Read More

What About Brunch

LIFESTYLEWhat Time is it Considered Brunch?LYDIA GREENEIf you were to ask me, "what time is brunch?" I would say that brunch is an innovation of mankind, one that cannot be truly defined. In my

Read More

Did You Know

Tricia Glover, RealtorThe Glover Team, Inc. 540-846-0185http://tglover.liveinfredericksburgva

Read More