An article in today's Metro paper explains why having a pre-approval in writing is very important prior to submitting an offer. I believe the first step anyone should take when considering a home purchase, whether you are a first time home buyer or not is to get a pre-approval. If you are in that process now and would like to discuss your options, please feel free to give a call or send me an email.
A pre-approval should also come in writing. It should be a commitment from a lender who is offering you a product at a set rate for a specific period of time. For example you may be pre-approved for $375,000 at a fixed rate of 5.34% for a 3 year term and this rate will be held for 120 days while you look for a home. You can then let your realtor know how much you have been pre-approved for and you can start your search knowing what price range you can shop for.
I also advise that you include the financing clause in your offer even with your pre-approval because many things can change in 120 days and it is better to be safe than sorry.
To read the article from the Metro - click here.
Call me today to get your pre-approval!
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