Question Details

Amykristen89…, Home Buyer in Lowell, MA

I would like to know if I am qualified to purchase a home. What is my first step???

Asked by Amykristen8971, Lowell, MA Tue Dec 11, 2012

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3
The first step is to go shopping for a loan. Get a list of lenders in your area. I would start off with the biggest, like Bank of America and Wells Fargo. Don't get discouraged if one declines to lend to you. After these two, try your luck with a mortgage broker. I highly suggest getting 2-3 preapprovals which will help you later once you find the house of your dreams and need to decide which loan to go with.

I own homes in California, Hawaii, and Portugal. I am an agent, but a homeowner first. Let me know if I can help in any way.

Good luck!
0 votes Thank Flag Link Thu Dec 13, 2012
Hi, Amy: Ask your agent for recommendations for good, local lenders. Pick one you like and tell them you'd like to get prequalified for a mortgage loan. Keep in mind that you'll want to have the lender help you determine your comfort level for a monthly expenditure for the loan's principle, interest, taxes and insurance so that you can buy a home and still have a life. Best of luck!
0 votes Thank Flag Link Wed Dec 12, 2012
Hi Amy.

Pull your credit to see what it looks like. You can do it for free at creditkarma.com. This will give you an idea of whether or not you can get approved.

Next, contact a reputable mortgage broker or local bank or your own bank to apply for a mortgage approval and start the process. Once you have a number approved for a mortgage, you'll know how much you can spend on a home.

GOOD LUCK.

Scott Miller
Realty Associates
Boca Raton, FL
0 votes Thank Flag Link Tue Dec 11, 2012
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