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The Home Buying Process

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Pre-Approval -Does It make a Difference?
As in all negotiations, being prepared and having the proper leverage makes all of the difference. By getting yourself pre-approved you will be able to convincingly show everyone involved that you have serious intentions and that you are in a position to proceed with a purchase, once you have been shown a property that you like. Many realtors and sellers will not even consider showing you their properties until you have been pre-approved.

Further, if there are other parties interested in the same property that you have chosen, being pre-approved could be the one thing that is in your favor and makes all of the difference in who actually gets to own the property when all is said and done.

What Is the Difference Between Pre-Approval and Pre-Qualification?

Mortgage Pre-qualification is simply a calculation of the amount you can afford. Because there has been no validation or corroboration of the information that you have offered to be pre-qualified, it will not influence most decisions or improve your negotiating position.

However, pre-approval is much more in-depth than a pre-qualification. After you supply all of the necessary information in regard to your income, employment history, credit, assets and liabilities, etc the lender will then verify all of this information and determine how much you can afford without putting them at too high a risk.

Things You Will Need to Think About:

The Down Payment Is Very Important.
How much you are able to save and contribute to the down payment on your loan is crucial. Your ability to save a substantial down payment will, first and foremost, show lenders that you have a certain degree of financial responsibility, and that you possess a minimum risk to them if they decide to grant you your loan. Another obvious benefit to having a good down payment is that you will need to borrow much less money and in-turn be granted better rates and terms for your loan.

Don't Forget About Closing Costs.
Points, lender's fees, title charges, attorney's fees, escrows for your property taxes and home owners insurance are just the start. Appraisals, surveys, inspections and environmental tests usually need to be made on your prospective property, too. Professionally licensed individuals must perform all of these evaluations and these costs do add up.

Monthly Payment
There is a lot more to your monthly payment and budget then just the mortgage itself. You will also be responsible for the payment of property taxes, homeowner's insurance and all of your other monthly liabilities. Be sure that you have not allocated all of your income to your mortgage. Auto loans, school tuition and yearly vacations all need to be a part of your future budget. If you commit all of your available income to only your mortgage you will deprive yourself of too many other things that are important for a good balanced life. Nobody wants to work and live just to pay off their mortgage, so be certain to have a balanced budget and consider all of your needs, and not just housing.

Step 2:

Looking for Your Dream Home Is the Next Step.
You can choose to do this on your own or you can employ the services of a reputable realtor. Ask friends and family to refer someone that they have personally had experience with, and trust, if you choose to work with an agent. Find someone who is well established and has experience and knowledge in the market where you wish to purchase your home in. Sit down and discuss with them what your needs are, what your budget is. Try to get a feel for their ability to understand what you want and whether they can deliver it.

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