Looking into buying a house/condo. I haven't been approved but I would like to know where to start.

Asked by Kenyetta Shaw, Washington, DC Mon Apr 4, 2011

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8
psouza, Agent, North Bethesda, MD
Wed Apr 6, 2011
Great start to your home search. You are doing your research.

As other agents have answered,you need to find a lender. Most realtors can recommend several lenders to work with and it is as easy as filling out a credit application over the phone. This allows you to focus your search on homes within your price range. Once you have a price range, a realtor can help your define your search showing you homes that include any "must haves," as well as location. Searching online allows you to see what is out there, but a realtor can maxmize your time showing your homes that meets your criteria. Often what is not seen on Internet sites are the terms required to purchase homes (cash only, 203K, Homepath approved, etc.)

Lender pre-approval also allows you to write an offer that will be seriously considered by a seller. Without it, many sellers will not even consider an offer. Pre-approval demonstrates your capability of moving forward on the purchase. In this market, if a home is in good condition and priced right, it is going within weeks - yes, weeks. You need to be able to write an offer if you find one of these homes.

Good luck and if I can answer any other questions, please contact me.
Web Reference:  http://www.peggysouza.com
0 votes
Mack McCoy, Agent, Seattle, WA
Mon Apr 4, 2011
Y'know, Kenyetta, it doesn't matter where you start. Some people just start going to open houses, some call a Realtor(r), some call a mortgage broker, some ask their friends or family or co-workers what to do . . . where you start really doesn't affect the outcome.

Before you're too set on a property, however, you absolutely should be working with a Realtor(r) and have met with at least one lender.

All the best,
0 votes
Aaron Schrei…, Other Pro, Leavenworth, WA
Mon Apr 4, 2011
Here is a list of documents you'll need to get pre-approved for a loan. This is from bankrate.com.

http://www.bankrate.com/finance/mortgages/documents-you-need…
Web Reference:  http://www.amsinspection.com
0 votes
Melissa Bark…, Agent, Washington, DC
Mon Apr 4, 2011
Hi Kenyetta

As the others have said, it is best to talk with a lender to find out what you can get pre-approved for, so you have some ideas what you can afford and then to start narrowing down the search based upon what you can afford. You also need to talk to some agents to be your buyers agent, helping you find a place to purchase. They can show you homes, and help you with each step of the home buying process.

Good luck!
Web Reference:  http://www.wdcmetroagent.com
0 votes
..., , Lexington, MA
Mon Apr 4, 2011
Hi Kenyetta

As the others had mentioned, a pre-approval is the place to start. As excited as homebuyers are to get out and look at homes, sellers are reluctant to remove their homes from the market if they have no indication that the buyer can get financing. It's also a good reality check to help you gauge how much of an impact a new home might have on your budget. A good lender won't charge you for a pre-approval and you're not obligated to stick with them for the final financing, but it's nice to build a trustful relationship with a mortgage professional to help you feel more at ease with what to expect in the process.

I would be happy to work with you, as would any mortgage professional - why not start now to sit down and see exactly how much home you may be able to afford?

Tom
Thomas J. Stevens, Loan Oficer, Flagstar Bank
lending in all 50 states
Thomas.Stevens@Flagstar.com
0 votes
Marie Souza…, Agent, Centerville, MA
Mon Apr 4, 2011
Hi Kenyetta - Yeas, start with your local Bank/Lender to see what you will qualify for. Then a Realtor will be able to hone in on property that fit your price range & needs.
Good luck!
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Apr 4, 2011
Start you are required be approved with all sales offers is your lender approval statement which governs how a Realtor can assist with your search

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Phil Rotondo, Agent, Melbourne, FL
Mon Apr 4, 2011
Hi Kenyetta;
You answered your own question.
The first place to start is to contact your bank or a local lending institution to get your self pre-approved. This procedure will let you know your top limit for your property search along with give you an idea of what your closing costs would be.
The next thing to do would be to contact a local real estate agent in your area to start the property search process.
Good Luck!
Web Reference:  http://www.321property.com
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