Tips on Getting Pre-Approved for Real Estate

So you want to buy a house? Why not!? This is a great market to do so. Rates are still low and the inventory is tremendous. Plus in 2009 you can receive up to $8000 in a tax refund just for being a first time home buyer.

How do go about it though? The first step is to sit down with a lender and get pre-approved for a loan. Most people, especially first time buyers, don't have enough cash to buy a home outright. The majority of people obtain a loan through a lender and incure mortgage payments. You may have used my mortgage calculator to determine how much in a payment you will have once you purchase a home but this doesn't mean a lender will loan you this amount.

The best way to be sure you can afford a home is to talk to a lender, bank, or mortgage broker you feel comfortable with that will be honest about your finances and where you need to be. They will assess all your income, debts and liabilities and determine the amount you can comfortably afford in a mortgage payment.

Once a lender has issued the amount, they will write up a letter of pre-approval stating what you are qualified for. This is a great letter to present to sellers when submitting an offer. It shows you are serious about buying and have already done the financing homework necessary to buy. If you are close with your lender you can request a specific letter stating up to the amount you are to offer so the seller is not aware you may be able to afford more. This is helpful if you are offering less than purchase price.

For more information on being pre-approved for your Flagstaff real estate contact me today. I can help put you in touch with lenders in your area.

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