Suzanne Walker, Broker
Direct Number: 405-609-4251
Office Number: 405-792-7878
  • Home
  • Buyers
  • Sellers
  • Blog
  • Testimonials

Shopping for a Home without Loan Pre-Approval/Qualification

9/25/2011

 
Picture
Beginning a search for a new home is an exciting one. It's fun to look online at all the homes at various price points, visit open houses or drive around with a Realtor and discover new neighborhoods. But, at a certain point you will want to get serious and unless you are a cash buyer, you must be pre-approved for a home loan. Knowledgeable sellers and experienced agents do not take buyers without home loan pre-approval seriously; resulting in you missing out, particularly in competing contract negotiations.

Getting pre-approved/pre-qualified for a home loan is an inevitable reality check and discovery process ALL (non-cash) buyers must go through. It lets you know what you can afford, current interest rates, terms, your monthly payment, down payment and estimated closing cost. Without this information, you cannot make a wise real estate investment. Smart investors plan. You are about to make two purchases, a home and a home loan. Familarizing yourself with different home loan products will ensure when the perfect house comes along you can quickly move forward with the appropriate loan in place. Getting pre-approved for a home loan sets the rules of the engagement and gives your Realtor insight into what homes will qualify for the loan that you have selected and how to negotiate your contract.

You may know you'll be approved, but this too can be a dangerous assumption. Not all home loan products (mortgages) are created equal. After reviewing your options there is a good chance you will learn about home loan products available that will better suit your financial needs and or you might need to adjust your expectations.

My advice is stay ahead of the game and align yourself for the best outcome; get pre-approved before you begin any home search. Let sellers and Realtors know you aren't just a tire kicker. Show up with a home loan pre-approval and I promise you will be taken a lot more seriously.


Comments are closed.

    Suzanne Walker,
    Author*

    This is my experience, opinion and perspective of the business. I've been in and around all levels of real estate my entire life; all over the world.  After many years of telling the same real estate experiences over and over,  I started a blog to answer the basic questions the average consumer has about real estate. Feel free to contact me anytime to discuss your real estate needs and goals. *Please see the Disclaimer.

    Categories

    All
    Abstract & Title
    Buyer
    Disclaimer
    Environment
    Getting Out Of Contracts
    Gimmicks
    Home Improvements
    Home Inspections
    Homeowners
    Home Values & Appraisals
    Links
    Negotiating Contracts
    Neighbors
    Okc Metro Information
    Perspective
    Real Estate Myths
    Seller

    Archives

    December 2017
    October 2013
    May 2013
    March 2013
    February 2013
    January 2013
    December 2012
    August 2012
    July 2012
    May 2012
    April 2012
    March 2012
    February 2012
    December 2011
    November 2011
    October 2011
    September 2011
    May 2011
    March 2011
    February 2011
    May 2010
    January 2010

S. Walker & Co. , Oklahoma City, OK , 405-792-7878
 © 2018 S. Walker & Co. S. Walker & Co., the S. Walker & Co. logo, the Real Estate. Reimagined. slogan, and the S. Walker & Co. sign are all trademarks or registered trademarks of S. Walker & Co.