Don’t Start Your Home Search Without Getting Pre-Approved First

Getting pre-approved before you start your home search will save you a lot of headaches down the road.

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Prospective buyers always ask me why they can’t look for a home before getting pre-approved.

I have some colleagues who show homes to buyers before they’re pre-approved, so you don’t technically have to get pre-approved before starting your home search, but I highly recommend you do so to determine your buying power.

Getting pre-approved relieves a lot of potential headaches down the road. Buyers who start their home search without getting pre-approved run the risk of finding the right home only to learn that they don’t qualify for it.

Getting pre-approved relieves a lot of potential headaches down the road.

The pre-approval process starts with a lender checking your credit for any potential issues so they can be addressed right away. Then, they verify your income to find out exactly what you can qualify for and how much money you’ll need up front for your down payment.

A listing’s purchase price and property taxes are two more factors that play into your purchasing process. Here in Cook County, property taxes can swing dramatically from one town to the next.

If you have any more questions about pre-approvals or would like to get pre-approved so you can start your home search now, don’t hesitate to give us a call or send us an email. We’d be happy to help you.

How to Find the Right Lender

To know if you have the right lender, there are multiple factors you must consider.

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Even after they’ve chosen their lender, many people still don’t know if they’ve made the right decision. How do you know you have the right lender?

One thing you can do is make sure you submit all your information so you receive a valid pre-approval letter. We talk to a lot of borrowers who don’t send the proper documentation to their lenders and don’t receive the correct pre-approval letter.

Communication and trust are also key when it comes to the relationship you have with your lender. Make sure they answer all of your questions and return your phone calls, because that’s important in building that trust.

Make sure your lender answers all of your questions and returns your phone calls

Rates and costs are two more factors to consider. Everyone wants a lower rate, but there’s a delicate balancing act you have to follow. As the saying goes, “You get what you pay for.” You can get a great rate if you look hard enough on the Internet, but you’ll have no idea what kind of customer service that entails or what kind of expertise comes that cheap.

To that end, a local, experienced loan officer can give you great information on the types of programs available in your area.

If you have any questions about finding the right lender or need to get pre-approved, don’t hesitate to give us a call or send us an email. We’d be happy to help you.