Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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If you find a home you love and then have to start the preapproval process, you may find that it is not there when you are ready for serious bidding.
Feel free to give me a call anytime and I will be happy to walk you through the entire process. I have been teaching real estate for years and love to share knowledge...it can be a scary process, but does not have to.
Bottom line: you're going to need that pre-qual before you can make an offer, as many listing agents require this. Also, a reputable local lender who does a thorough pre-qualification will make your offer much stronger than a pre-qual from a big bank that provides pre-quals based on verbal conversation.
Also, a pre-approval is quick and easy to get. If it expires you can always ask the lender for an updated pre-approval. I guess the bottom line is know what you can really afford before shopping too seriously. Linked below is a step by step guide through the buying process that may help you. Good luck!
Please feel free to contact me directly with any further questions. Lindak@platinumdr.com
In order to make an offer on a home you will need to have the pre approval letter. Waiting until you find a home may cost you the home because another buyer that has the letter already may get in before you. The letters are typically good for 60-90 days. I recommend Christian Babcock from Mortgage Master inc, they are a lending institution and and a broker (best of both worlds). it doesnt hurt to have conversations about your lifestyle and needs with an agent but until you have a range that a bank will lend you there won't be much to do. I hope this helps! happy New Year!
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
True, your Pre-Approval letter would be dated, but this, alone, is not sufficient to Close the Escrow:
After ACCEPTANCE, you would go through the process of the actual LOAN APPROVAL for that particular piece of property at that particular PRICE.
So, you are Okay.
Next, you find a good Realtor to help.
Understand, that whereas this whole thing used to take 60 days, now it can take much longer.
What I do, is get the Pre-Approval, (say $300,000) and then, when you find that perfect house, for $275,000, I get another letter that specifies the $275,000.
Good luck and may God bless