Home Buying in Charleston>Question Details

Suefoster16, Other/Just Looking in Charleston, WV

looking to down size & want to sale my home, which is mortgage free , should I get preapproved for a mortgage ?

Asked by Suefoster16, Charleston, WV Sat Apr 6, 2013

Help the community by answering this question:


Hi Sue,

I would definitely get preapproved but I would also get an estimate of value on your current home
from a real estate professional. All agents do that for free in hopes you will decide to list with them. I would offer get that service as well. It is great to get on the automated search to bring all homes you may be interested in directly to you email. Let me know if I can be of service for a no cost, no obligation estimate.

Mary Ann Hess
Cornstone Realty
0 votes Thank Flag Link Wed Nov 20, 2013
Yes, you should always seek the advice of a lender and obtain pre-approval beforehand. I hope all went well!
0 votes Thank Flag Link Tue Nov 19, 2013
Sounds to me like you have more equity in your home than you will need? If you're downsizing and buying the same quality/location, you should have money left over when the deal is done. Therefore, you should consider selling your home and buying your new home with cash. You'll save a ton on interest and have great buying power for the new purchase. Timing will be difficult, but in the worst case you may just have to rent a place between the new and the old. Something to think about...
0 votes Thank Flag Link Sun Jun 2, 2013
Fantastic time to down size! Interest rates may never be lower so it is a great climate for buyers and sellers. Since your home is mortgage free, you will not likely have a lender problem. I am a Charleston, WV realtor, so I personally know the best time to find another home and sell your current one is NOW or as soon as you can be ready. It can be difficult to time the purchase of your new home with the sale of your current home so that you are not "homeless" in this process. A skilled agent will be of great assistance to you. He or she can prepare an estimate of value for your current home and calculate the conditions in your specific neighborhood. We prepare these estimates at no cost or obligation to you, but I am sure any realtor will hope you will select them to assist you through this entire process. As an experienced realtor who often works with this exact scenario, I would be delighted to offer you that estimate as well. I will also be glad to answer any questions you may have about any real estate matter.

Mary Ann Hess
RE/MAX Real Estate Unlimited
Charleston/Teays Valley, WV
(304) 437-2257 Cell
0 votes Thank Flag Link Sun Jun 2, 2013
I agree with both Shanna and Anna. You should contact a bank or mortgage broker to discuss financing. This way you will be able to determine a payment you are comfortable with and begin looking for a new home with confindence.

I am a local agent with 12+ years of experience. I would love the opportunity to schedule an interview with you to discuss the marketing of your current home and options for downsizing.

Please feel free to contact me at any time. I can be reached via cell phone, text or email: 304-552-3955 or Stephanie@MoveWithStephanie.com.

I wish you the best of luck and hope to hear from you soon!

Stephanie Hostetler, REALTOR
Old Colony Company http://www.MoveWithStephanie.com
0 votes Thank Flag Link Sat Apr 6, 2013
Hi Suefoster16,

You should get pre-approved for a mortgage if you are going to get a mortgage for your new property. Most sellers will ask for your pre-approval letter when you submit your offer on their house. However, if you are going to pay all cash (from the sale of your current home), there would be no reason to get pre-approved for a mortgage. You will need to supply proof of funds (i.e. bank statement, etc) to the seller of any property you make an all cash offer on.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sat Apr 6, 2013
If you are purchasing with a mortgage, yes; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Apr 6, 2013
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