Buyers in this current real estate market are facing a lot of competition so it’s important to be prepared to present your best offer. In this area, we are still experiencing a shortage of home inventory and as interest rates are lower than last year, more buyers are entering the market. As a result, we are seeing homes that are priced right receive multiple offers quickly.
You might be wondering, how you can be prepared to enter the real estate market and successfully purchase the home you want even while competing with other buyers.
Before you even start looking at homes, the first step is talk to a lender. We always suggest talking to a few different lenders to see what they offer that best suits your needs. You’ll want to be confident in understanding your pre-approval and conditions of your pre-approval before making an offer on a home.
Here are 7 questions to ask your lender when talking to them about getting pre-approved.
How does obtaining a pre-approval impact my credit score?
How long is my pre-approval valid for?
Which types of mortgages are available to me and what are the pros and cons of each?
What can I expect my interest rate to be? Will it change?
Will I need to pay Private Mortgage Insurance?
What would my monthly payment be?
How long will we need to close once we make an offer?
Be sure to take notes when you’re talking to each lender. It will make it easier to compare the different lenders and their answers to your questions. Don’t worry about asking questions; it’s important to understand all of your options. A good lender will take the time to answer each and every question.
Once you have a preapproval secured, we can’t wait to help you find that dream home!
If you have questions or are in need of professional referrals, we are always here to answer questions and guide you to people we trust.
