Maybe you've already been on Zillow for months scoping out the best neighborhoods and falling in love with that special part of town? Maybe you spent a Sunday afternoon visiting some local Model Homes? Perhaps you have even found time to drive around some Open Houses.
There's a lot to see and a lot to think about.
So, how do you know if you're being realistic about whether you can afford the houses you're looking at?
Many people feel like they have an idea of how much money they will be able to borrow when it comes time for a mortgage. They may know their credit score (CreditKarma anyone?) and feel like it's strong enough to borrow $X,000. Maybe you've been on Google and searched "How much mortgage can I get if I earn $X" or you've used one of those online mortgage calculators?
Truth is - you may have an 'idea' of how much you qualify for but this is one of those times when you REALLY need to talk with a real live professional to get the right answers.
those $250,000 houses they found on Realtor.com fade into the distance when they get the news that they can only get a $180,000 mortgage.
I've also worked with people who's entire dreams have fallen apart when they hear that, right now, they can't qualify for a mortgage at all.
The only way to know for certain is to talk to a lender.
I recommend that you talk to at least two lenders and ask about a range of different products (fixed rate, ARM, different terms) so that you can fully understand all your options before you start seriously looking at houses. Once you have a pre-approval letter in hand then you can really start to get excited!
Next thing to do?
- Interview Realtors
- Stay up late looking through listings on Zillow
- Binge watch 'House Hunters' and ....
- Get out there to find your new place!
Good Luck!
Louise Norton
704 408 0733
louise@charlotteandthelake.com
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