In many areas of the country they are more buyers looking for their dream homes then there are homes for sale. This means that there is a competitive Marketplace out there. And if you’re a buyer, you need to stand out from the other bars. I’m sure that the best strategy for you is to show that you’re serious buyer is to have a pre-qualification letter from your mortgage company before you even start.
Why is this important you ask? It tells the sellers a few things about you. It says that you have the ability to to make your payments. You have enough money to make this happen. And you have a history of paying your bills. What this means to the seller, is that should you come to an agreement about purchasing their home you can get the financing necessary to make this happen. When your offer goes into the seller, your Realtor will include a copy of your pre-approval letter. If the seller receives multiple offers, it’s safe to say that any offer that comes through without a pre-approval letter showing that the buyer can indeed purchase the home, will be rejected.
So get in front of the challenge and speak with a mortgage professional. He or she will run your credit, ask questions about your income and your debts and then from that information he or she should be able to say that yes you should be able to get a mortgage and for this amount. Along with that knowledge that you now know what you can spend, you can begin your search for a new home.