Getting Pre-Approved and Starting the Loan Process
Starting the Loan Process
Getting pre-approved for a mortgage is the first, and most important, step in the home buying process. Not only does it assure you that you are focusing your home search in the right price range, it also assures the seller that you can complete the purchase on the home you choose. It you find yourself in a position where the home you choose is a very competitive property, and there is more than one interested buyer, you’ll want to be able to show the seller your pre-approval letter so they will want to do business with you. Our mortgage partner, ABC Financial will lead you through this process. Ask your realtor to introduce you to one of our award-winning Home Loan Consultants.
Beginning Your Home Search
After you have been pre-approved for a loan the next step is to begin to compile a list of conditions that are important to you and your family. Also, list any questions you may have. Based upon what the lender is looking to know, some items on your list might include:
- Where do you want to live?
- School District
- Distance to employment
- What features are you looking for in your next home?
- Why are these important to you?
- Which of these are priorities?
- What is lacking in your present residence?
- If you could magically bring with you some features from your present residence, what would they be?
- Why would these be important to you?
- Are you able to undertake any of the tasks on your “to do” list yourself?
- Do you see buying a home a personal or financial investment?
- There are different types of investments people can make. Some are financial and some are personal. Sometimes it is a mistake to combine a financial investment with a personal investment. As an example, if your buying motive is primarily to make a good financial investment then maybe you should consider a duplex where you can live in one unit and lease the other unit.
Be sure to communicate the answers to the above survey to your Tanner Realtor.