What is the most important first step to buying your first home or condo?
As someone that’s been involved in more than 200 transactions the past decade, I always encourage a client to get pre-qualified with mortgage consultant.
No. 1, you want to know the ideal price range and most comfortable monthly payment. It should never be more than 30 percent of your take-home pay.
No. 2, and many people do not know this: I have found the credit report has a serious error or duplication at least 25 percent of the time. It can take up to 60 or 90 days to get this corrected. Here’s a perfect example: A friend’s daughter worked very hard to get her college diploma and accepted a nice job in metro Atlanta. We started the process and guess what? Her credit report had about $60,000 in student loans that belonged to someone else! Thank goodness we got that cleared up!
Lastly, and just as importantly: Many sellers now require a pre-qual letter with an offer. Many buyer’s agents also prefer this because it makes the offer stronger.
So, get some peace of mind and check with me about how to get pre-qualified at no cost and no obligation to you!