You've been saving for awhile now, weighing your options, and casually looking around. You've finally decided to do it...you are ready to buy a home. The process of buying a hew home can be incredibly exciting but a bit stressful at the same time. Where do you start?
It is essential that you do your homework before you begin. Learn from the experience of others and do some research. Learning from your mistakes can prove costly. Over the past seven days I have provide you with a list of pitfalls that you can use as a guide to help you avoid the most common mistakes.
Here is one of the most important pitfall you will want to avoid:
1. Searching for houses without getting pre-approval by a lender
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification is the first step toward being pre-approved for a mortgage. It simply points you in the right direction and gives you a general idea of the price range of houses that you can comfortably afford to purchase. Pre-approval on the other hand, means that you have been pre-approved for a mortgage by a lender up to a certain dollar amount. Pre-approval puts you in the position to be ready, willing and able to purchase a home.
Please check out the other seven pitfalls in my previous blogs.