Most people start their search for a new home by swiping through photos online, browsing online listing services, and creating a list of must-haves. This is a great way to get excited about the possibility of a new home, but the best place to start is by deciding how much you can spend.
Price matters – so much so that it could mean you’ll need to look in different locations, or at townhomes instead of detached homes. Or maybe you can afford more house than you think. The only way to find out is to speak to a qualified mortgage expert.
Most buyers use some sort of financing to purchase their home. Let’s face it: most of us are not independently wealthy with tons of cash on hand to purchase a home without a loan. The amount you qualify for is a huge determinant of what kind of home you can buy and the location you can afford to buy in. Shopping without a confirmed budget is recipe for disappointment.
Pre-approval also means you’ll get an education in different loan products. Maybe you qualify for an FHA loan and down payment assistance. There are also VA loans, USDA loans, and special programs for borrowers with less than perfect credit. Great REALTORs, like those at Peggy Slappey Properties, have the industry connections to put you in contact with a mortgage specialist to fit your specific needs.
The best part of pre-approval is that it automatically turns you into a more qualified buyer. Sellers know you’ve done your research and secured financing. They understand that you can likely close more quickly and are a more dependable prospect. They might even be more willing to negotiate.
By knowing what you can afford even before you start “window shopping” online, you’ll save yourself time, money, and loads of stress. That’s why every good REALTOR will always ask, “Are you pre-approved?” before they show you even one house.
Still looking for the right real estate agent and reliable advice concerning what you can afford? Start with PSP’s online mortgage calculator, and call us at 770-271-5555 to connect with experts who can help.
Peggy Slappey Properties, Inc. is a Metro Atlanta real estate brokerage with over 30 years of experience in real estate sales and marketing. From new home construction to resales, we can help you find the home of your dreams. To see our current listings, visit www.psponline.com and call us for expert advice at 770-271-5555. Keep up to date with the latest PSP events and offers by checking in on Facebook at https://www.facebook.com/peggyslappeyproperties and on Twitter at https://twitter.com/psponline.