- Get Pre-Qualified: Why is this so important? Understanding how much you can afford, where your credit is and how much you have to put down will determine the type of loan you qualify for, the interest rate range you will get (which determines your monthly payment) as well a price range to search for. Finding the right loan officer to help with this is critical. Our suggestion is to find someone you like and trust.
- Get a Pre-Approval Letter: All listing agents will want this with any offer submitted to purchase a home. Are all pre-approval letters created equal? The answer is no. It is important that you are represented in the best light when putting in an offer. Making sure your pre-approval letter has merit is important. It should list credit score and insure that the desktop underwriting has been completed as well as passed. This is mandatory for proving merit. Part of finding the right loan agent should include questions around pre-approval letter.
- Make a List of Your “Must Haves” for Your New Home: This will save you time and stress. If your real estate agent doesn’t ask for this, it may be a cause for concern. Knowing what you want also helps design a strategy for getting it. A great real estate agent will only show you properties that meet your standards.
- Find a Trusted Real Estate Agent: How do you do this? Create a list of quality questions to ask. Ask tough questions like “How much are you making on this deal?” and “What can expect from you?” A good agent will be able to clearly show you their value, as well as show you their past successes.
- Position Finances to Get the Best Deal Possible: This one requires an expert that understands investor guidelines. Each situation is different and working with someone that can help you build a winning strategy can make a huge difference in the outcome. Your loan agent should advise you against things like purchasing new vehicles and changing (or quitting) jobs during the purchase process.
Purpose Funding and Real Estate Services is in it with you for the long haul.
We know that if we can get you a great deal, save you time and money, we will earn a client for life.