If you are serious about buying a new home, you will need
to know how much money you can borrow and what mortgage payment you can
afford. Many realtors will want you to
be preapproved for a home loan before they start showing you houses.
The best place to start is with your own bank or credit
union. Your realtor can also recommend a
lender they have worked with and who has a proven track record of providing
quality service. The loan officer will check
your credit and review your most current pay stubs, W-2s tax returns and bank
statements. Most lenders can tell you
right away if you are approved and how much you can afford. Once a seller has
accepted your offer, you can still shop for your mortgage with other lenders to
make sure you are getting the best deal.
The best homes that come up on the market sell the
fastest. When you find that perfect home
you will want to move quickly. When you
are ready to make an offer, the sellers will want to see that you are
preapproved for a loan and can afford their home. Because you are preapproved, your lender can
provide an up-to-date letter for the specific property to submit with your
offer.
Call me today to let me
help make your home buying experience enjoyable and successful.
Colleen Foreman
406-671-0412
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