10 STEPS TO BUYING A HOME IN MAINE - Step #2

10 STEPS TO BUY A HOME IN MAINE

Step #2 - Get Pre-approved with a Local Lender

"Why do I need a pre-approval BEFORE I shop for a house?"



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A quality local lender will help you figure out how much of a mortgage you can afford.  They can also provide you with a lot of additional information that may impact what you can spend...such as what your monthly payment will be, how much money you need for closing costs and other fees associated with obtaining a mortgage and any scars on your credit you may need to resolve.  If you start shopping before you know how much you can afford, you might fall in love with a house you can't buy...or be ruling our a lot of good options because you don't think you can afford them. 

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A lot of sellers request the buyer's pre-approval letter when an offer is submitted on their house.  Having the pre-approval letter ready to present with your offer can give you an edge in the negotiation process.  When talking about one of the biggest purchases of your life, I bet you want every advantage you can get!

P.S. - Did you know you can check  your credit report for FREE once a year?  Go to http://www.annualcreditreport.com/ to check yours today!