Congratulations on taking the leap and decide to purchase a home. There are many questions about how to get started. Start with the very basics and speak with a Realtor about purchasing a home. They can best explain the process, costs and timelines involved in purchasing a home. They will also guide you to several mortgage professionals that can assist getting you pre-approved for a mortgage.
Getting pre-approved for a mortgage allows the buyer(s) to understand what they can afford for a purchase price and monthly payment that falls within their budget. Once that information has been established, they buyer can start the conversation with their Realtor about searching for a home that fits their needs and budget.
It’s been called the emotional rollercoaster ride for buyers when they don’t get pre-approved for a mortgage before shopping for a home. They may spend weeks looking at properties, identify one they love and get excited about. They proceed to apply for a pre-approval letter to make an offer a home. Sometimes the lender provides a lower-than-expected pre-approval letter or states the buyers are not able to get pre-approved for a loan based on a low credit score, excessive debt, or unexpected issues the buyers may not even be aware of. It’s heartbreaking and may discourage the buyers from continuing to search.