Whether working with a Seller’s Agent or Buyer’s Agent, it is in your best interest to be pre-qualified or pre-approved for your mortgage.  Many sellers request that appointments for viewings only be set with pre-qualified customers and when you do find a house you like, offers for purchase usually require a proof of pre-approval.  Speak to a mortgage professional who can help you with a pre-approval letter. We have a list of mortgage professionals with a proven track record of securing competitive mortgages rates and terms who will help you with the pre-qualification process.

It is important that you don’t begin looking at houses when you have only guessed the price you think you can afford. Many times buyers look at homes that are over their price range. Or conversely, buyers may not be aware of low interest rates or financing programs that would enable them to purchase a home they thought was too expensive.   It's a good idea to find out what the average taxes may be for a house in your price range. They affect your monthly payment and purchasing power.  With that knowledge, it is important to let your agent know what price range you feel comfortable with so that you can search for a home with confidence.

If you are in need of a mortgage to complete your purchase, this is the time to finish applying. The lender you and/or your mortgage broker choose will now order the appraisal on the property to confirm the value and view condition. On most conforming loans the lender will also verify employment, income, down payment funds, and the source of the funds. After all is verified to meet the criteria of the loan, the lender will issue an approval. This is known as a firm commitment. Make sure to speak to your lender about escrows, interest rate, closing costs, etc. and of course, your monthly payment and what it includes.

Click here to find out more about Buyer's Agency and the advantages of the LINKS Home Buyers Connection Membership.