So you want to buy a house…
You have been thinking about buying a home and have now made the decision to do so. There are logical steps in purchasing a house. The first logical step is to speak with a lender and get pre-approved. You are now equipped with the first bit of knowledge you need...knowing what your purchasing power is.
Knowing your purchasing power is key. If you go out looking at $100,000.00 properties only to find out later that the bank will only lend you $80,000.00 you have set yourself up for disappointment. There is a vast difference in what $100,000 will buy and what $80,000.00 will buy.
You may be preapproved to a higher amount than you are comfortable with as far as a payment goes but now you know the dollars and cents of what you feel comfortable with and have a price range.
Find out the type or types of a loan you can qualify for. Different loans have different degrees or variations of what will be acceptable as far as condition of the property. They also have different down payment requirements. Armed with this information, you can more accurately pinpoint the types of properties you will want to look at.
You may want to enlist the services of a Realtor who can give recommendations of quality lenders in your area, along with additional information for navigating the selection, offer, inspection, appraisal and purchase.
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