Rental Basics in Sacramento>Question Details

Hazel0982, Renter in Concord, CA

First time house buyer

Asked by Hazel0982, Concord, CA Wed Jun 13, 2012

Should I go to the bank and see how much I can take out first? I know the general location and area I want to buy a house at.

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6
Heather Cox’s answer
Go get a pre approval letter from a lender banks are not all the same then contact a real estate agent to help you through the process of finding your home.
If you need any help or just want to talk give me a call.
Phone 916-745-2093
website http://www.hcox.golyon.com
email hcox@golyon.com
0 votes Thank Flag Link Thu Jun 14, 2012
Definitely a good ideal to have a lender pre-approve you. And if there any possible issues with your loan, you want a lender that is going to do a full underwriting approval, not just a pre-qual.
0 votes Thank Flag Link Wed Jun 13, 2012
Always important to prequalify first... have some great referals if you need them. Not all banks are created equal so be really careful who you go to.

Welcome to the investment world! :)
0 votes Thank Flag Link Wed Jun 13, 2012
Absolutely - the very frist step SHOULD be going to a lender for everyone! It's hard to go shopping when you don't know how much you have to spend!!! Good luck
0 votes Thank Flag Link Wed Jun 13, 2012
Yes, the first step is to get a pre-approval from a lender, that will define your budget, plus it makes you ready to submit an offer when you find the perfect property. Most sellers now want a loan pre-approval submitted with an offer.

Good luck and Happy house hunting!
0 votes Thank Flag Link Wed Jun 13, 2012
Securing the money to purchase a property is the first order of business.
Are you pullling funds from your current home in order to pay cash for
the rental property? Financing rental purchases is definately different
than a personal residence. If you do not currently own rentals, lenders
are reluctant to give you anything close to full income value in qualifying
for the loan. Your borrowing power will influence what and where you
will be buying so you will need to know what you are working with.
0 votes Thank Flag Link Wed Jun 13, 2012
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