Thinking About Buying Your First Home?

By Sandra Kilgore, GRI, ABR, SFR

If you have been thinking about buying your first home, but you’re not quite sure of the first step, this article will give you a little more insight into the process and what to expect.

Having a basic knowledge of the terms is important. Understanding the difference between pre-qualification and pre-approval is one of the most significant factors. A large percentage of buyers who are pre-qualified for a loan are not successful in purchasing their dream home. Getting prequalified is often the first step when searching for a home. You supply basic financial details, such as your income, assets and debts, and the lender provides a preliminary estimate of the amount for which you may qualify.

Pre-approval involves an in-depth look at your finances and usually requires an application fee, but this process brings you closer to determining your potential interest rate and monthly payment. Being pre-approved also puts you in a better position in a competitive market because it shows you have your finances in order and have survived the dreaded underwriting process.

Buying a home can be stressful. Avoid some of the stress by requesting that your lender complete the full mortgage application process and issue a pre-approval estimate for you before finding a home. Many sellers and agents will not consider an offer on a property without a pre-qualification or pre-approval in hand.

Please feel free to contact me if you would like to speak with a lender who can assist you with getting started.

 


Sandra Kilgore GRI, ABR, SFR
Direct: 828-515-1588
Cell: 954-540-5593

Sankilgore@gmail.com
SandraKilgore.com

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