Pre-Approval Should Be Your First Step in the Home Buying Process:
If you are in the market to buy a home, your first step should be scheduling a meeting with a mortgage lender so you can get pre-approved for your loan.
In our local housing market, the number of buyers searching for their dream home greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers need to be prepared to stand out.
One of the best ways to show you are serious about buying your dream home is to get pre-approved for a mortgage before starting your search.
For detailed information about obtaining a mortgage pre-approval, "see blog post: "Mortgage Tips: Pre-Qualified vs. Pre-Approved - What's the Difference?"
In order to obtain a pre-approval letter, you’ll need to select a mortgage lender and complete their loan application. The lender will look closely at your credit report, employment and residential history, income, debt, and down payment source. This information helps them determine which loan programs you qualify for, the maximum amount you can borrow and the interest rates you will be offered.
I recommend working with a local lender as they will have better access to assist you from start to finish. If you don’t have a relationship with a lender, contact us for a qualified lender referral.
If you are thinking of buying, selling, renting your home, or leasing real estate this year we’d love to hear from you! Working with experienced professionals can boost your profits!
Thinking of Buying a Home? Click HERE for Home Buying Assistance
Acuity Group Real Estate Professionals
564 Dodge Ave Suite A
Elk River MN 55330
Selling Your Home? Click HERE to Schedule a Free Market Analysis