As a lender, I would say that you need to know how much of a home you would qualify for, before going to a real estate agent, but that is a matter of your personal preference.
May I suggest you contact Loren Hoboy, who answered your question below, as I have worked with him in the past & know him to be very good, both in terms of taking care of his clients & having a full grasp on today's market.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295
The loan (depending on where you go to get one) will require complete financial disclosure and underwriters will be sticklers for paperwork and accuracy. This is common given the current economic climate.
Once you have a fully executed Contract of Sale, you'll need to get the place inspected. Be aware of the Contract closing date. This usually says "on or about..." then whatever date is there. Keep in mind the "on or about" gives a bit of flexibility and may give you 30 days beyond the closing date.
By the way, even though the Prickett groups' representative here cautions against certain agents/brokers who require a pre-qualified buyer, there is nothing wrong with that. We are all independent conractors and many of us who have a level of experience also have a level of customer in mind and that is usually one who has at least started to get their ducks in a row. It's a preference. Good luck.
Answer may differ depending on who's answering :-) Since your financing is the key to making the whole transaction work, you really would be best served by getting your pre-qualification first. Your pre-qualification can be done in a 20-30 minute conversation depending on your situation. You can also get your loan fully pre-approved by an underwriter without a property if needed. With our underwriters in-house we can get that process done (with a complete file) in a matter of a couple days. We can then work with a Realtor you would like to work with or recommend a good agent who specializes in what you're looking for. I hope that helps, but feel free to contact me if you have more questions.
Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
Most realtors do not want to take you out looking for a home without knowing you can qualify for the homes they are showing you. It is not based on the property; it is based on credit, income and available assets. It should be able to be done over the telephone, with you following up with supporting documentation as soon as possible.
I have to run to a meeting so being quite brief. If you wish further information just email or call.
It's one of those chicken/egg things. In order to submit an offer, we would need to include your LSU or LSR showing you have prequalified for a purchase amount. It isn't based on a specific property but shows the type of loan and the amount you can purchase. So the first step is speaking with a lender. The lenders I work with typically can qualify a buyer in a day. Give me a call if you would like their contact information.
Rox Real Estate - Casa Grande, AZ