Q: I am unsure about the home buying process. My fiance and I are first time buyers, he is a veteran with excellent credit and I have poor credit. Should we try to get preapproved before contacting a Realtor or does the Realtor process the loan request through various institutions?
?Tina, Pennsylvania
A: You both can go to your lending institution and they will be happy to pre-qualify you for a mortgage. They will let you know if you can both qualify or if the mortgage has to be in one name. If you know a Realtor, you can also contact them so they can refer you to a lender they feel does a good job on finding you financing for your home. Pre-qualifying is very important in todays market when you purchase a home. You will find out how much the mortgage amount will be you can afford. You can start looking at homes in this price range. When you find the perfect home, the seller will be more inclined to work with you on an offer on his/her house because you can qualify for the price. The whole process of purchasing your home will go a lot smoother.
Sandy Straley is a Realtor? in Layton, UT.
A: Many Realtors will know a host of lenders that can deal with all manner of circumstances. I would contact an agent first and ask their opinion on which lender to talk to. Of course, if you get pre-approved first, it?s no big deal.
Garreth Wilcox is a Realtor? with Keller Williams Realty in Austin, Tx.
A: Do some research in your area and try to find some realtors who you see on a regular basis with listings. Realtors tend to have lots of connections in the area you?ll be looking and can help you with getting you in touch with reputable lenders. Don?t be afraid to look at a few different Realtors before picking one. You?ll want to interview them and get a sensee of how they work. You don?t want someone to pushy or someone so confident they think they know it all. You want someone who is relaxed, but knows their stuff that can guide you through the process and help you make desicions, since it will be one of your largest decisions. Hope that helps.
Derek Sankey is a Realtor? with Sankey Real Estate in North Attleboro, MA.
A: It It would be my recommendation to get pre-approved. You don?t always have to use that lender, but it is a good idea to check in advance in case there are any discrepancies you might need to clear up.
Christina Holmes is a Realtor? with Re/Max Real Estate Center in Chattanooga, TN.
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