Has the Process of Purchasing a Home Changed?
Though things have had to change in some areas, the process for purchasing a home remains the same. According to the media, anyone is real estate is undergoing drastic shifts in their business. This has to do with obtaining credit for funding but not what has to be done to work with a client.
No matter what the situation, you will need to have a realtor you trust and a loan officer you believe is trustworthy. A good realtor will know the area you are looking in as well as have good negotiation skills. Your loan officer will be able to go over loan possibilities and get you pre-qualified so you know how much house you can buy.
You will need to make an extra effort to make sure your realtor and lender have you and your family’s best interest at heart. It’s not only okay but advantageous if they both know and have worked with each other in the past. If they have and have a good relationship, it’s a plus.
There are two main reasons to get pre-approved for a loan before you go looking at houses. You will want to make sure you are looking in the ballpark of what you are approved for. Finding and setting your heart on your dream house is painful once you are told you won’t qualify for it. It tends to take some of the fun out of looking and can sour the process altogether.
The other reason to get a pre-qualification letter is to spare you from embarrassment when you have to explain to the realtor that they have been driving you all over town showing you properties you might not be able to qualify for. Needless to say, the realtor is not going to be to happy about this as well since they have now burnt gas and time on your behalf. Be thoughtful, you’ll get paid back in the long run.
Once you have your pre-approval in-hand, take it to your realtor and go find your dream home! As long as you are prepared, have a good realtor and loan officer on your side, there is no reason to panic in this market.
The process hasn’t changed. As long as people need to purchase a house, there will be other people who will provide the financing. If you are approved for the financing available today; then go for it!
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