This is real estate 101… for the first buyer’s in the crowd!
Before I get started, let me first say how important first time buyers are to the south jersey real estate market and to ANY real estate market for that matter. With out first time buyers, move up home sellers can’t move up. It’s estimated that every time a first time home buyer purchases a home, there are FIVE subsequent transactions. Bottom line… that FIRST home transaction sets off a chain reaction of home sales and economic activity…. well, it’s a beautiful thing 🙂
So, when you’re ready to buy your first house, the first step is to get “pre-qualified” for a mortgage. Some people mistakenly want to find the house they like first, THEN look for a mortgage. Think about when you go to the supermarket, you don’t preview the milk and eggs first, THEN go back home to get your wallet or purse, right?! That would be silly and a real waste of time….. It’s also a waste of time looking at homes before you’re prequalified for a mortgage.
What’s involved in getting prequalified? What does it cost? Generally, there is no charge. Most lenders provides this service to the buyer to establish a working relationship so that when you actually buy your first home, you’ll consider them for your mortgage financing. The prequalification can be done on the telephone or in person and you normally get a Letter of Prequalificaiton from the lender that you’ll use when presenting an offer to purchase to a home seller. The lender normally asks questions related to your job history, your income, your monthly debt payments, your cash available for down payment and closing costs, and of course, your credit score. If you have that information handy, the mortgage prequalification process will go quickly and smoothly.
So are you ready !? Download this form for questions you can ask the lender while shopping for a mortgage. Click here for Joe’s preferred lenders… I’ve found them to have competetive rates and great service.
Thanks for Reading!!