A professional Demi Fox & Associates Realtors agent will provide insights and advice on how to determine the right price range for your new home.
In a competitive market, you may discover the perfect home, but can’t make an offer on it because you don’t know what you can afford. That ideal house could slip through your fingers because another—more prepared—buyer can make the offer at once. Often, sellers reject offers from potential buyers without a pre-approval letter from their lender.
When the buyer has a pre-approval letter, it means that a lender has verified the borrower’s information, employment history, documentation, income and credit history. Even though a pre-approval isn’t the actual loan commitment, it can shorten the underwriting and loan approval processes.
The first step to home buying is knowing how much home you can afford. You should establish your price range before you begin looking for a house. You need to work out the answers to these questions:
- How much can I afford?
- How much is too much?
- What kind of monthly payments should I make?
- How much can I put toward a down payment?
Remember, there are costs other than the purchase price when you buy a home. There are inspection, appraisal, and closing costs; property tax and insurance premiums. Include these when calculating your budget and determining when you can buy. We can help you estimate these costs.
A Demi Fox & Associates Realtors agent can help you with budgeting for buying a home, and can recommend a good lender. We’ll give you tips for:
- Getting prequalified for a loan.
- Determining how much down payment you have available.
- Setting a purchasing budget.
Seek Professional Advice
As your real estate professional, we will guide you in the right early in process of home shopping. We know potential lenders that can meet your needs. We know which types of loans might work for your situation. We know being pre-qualified through a solid lender gives us an edge in negotiating your offer.
We take your pre-purchase preparation seriously. Call us to get started today.