The first thing you should do as a Metro Detroit first time home buyer MI
is to get your mortgage financing lined up. There is no sense going out to look at
homes when you don’t know what you can afford. With all the changes in the banking
regulations you need to know whether you can get a mortgage at all. Many first time home
buyers are afraid of the process and feel they may not qualify. So many first time home buyers
are pleasantly surprised to find out how easy it is to get approved. So call up your local mortgage
broker, stop in your local bank or credit union, or surf the net for a mortgage person. There are lots
of them but check their experience.
The loan officer will ask you about you income, pull your credit, find out
what kind of payment you want. Once they know you can qualify they will
issue you a pre-approval letter. What a pre-approval letter states, is that you
can buy a house up to a certain purchase price or certain loan amount.
Does that mean you should buy a house for that much? NO! You and
your spouse or significant other should sit down and determine yourselves
what kind of house payment you can afford. Be sure to include property taxes
and homeowners insurance. The loan officer may qualify you for a much bigger house
and house payment than you want. You need to decide for yourself what kind of payment
you want! Then once you decide that, tell your loan officer and your Metro Detroit Realtor
what type of payment you want.
As a Metro Detroit County first time home buyer MI you are probably thinking why do I need
a pre-approval letter? There is no listing agent or bank that will accept a purchase offer without
a pre-approval letter. It’s a basic requirement when you submit an offer on a Metro Detroit
home. The seller wants some assurance that you are qualified to buy that home. The seller
wants to know that the loan will close. Without a that how does a seller you know that the Metro
Detroit first time home buyer MI can get a loan? The seller can’t know without a pre-approval letter.
So getting your finances and pre-approval letter is the first step in your home buying process. Do a budget and figure what you can afford in a payment and then go to a lender to get your pre-approval.
If you have questions feel free to call me or email. email@example.com or cell phone
(313) 310-9855. Russ Ravary your Metro Detroit real estate agent
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