Posts from February 20th, 2017
20
Why Do I Need a Preapproval to Look at Houses?
If you have ever been in the market for a house, you are familiar with a preapproval. If not, a preapproval is a letter from a mortgage lender stating that they have reviewed your financial status and have determined that you meet their borrowing guidelines for obtaining a mortgage to purchase a house.
So first things first – you find a REALTOR (like me) – and I will begin asking you questions about what you are looking for. Likely, the first, or close to the first, question that I will ask is if you are preapproved and for how much.
I know, I know, this question is a very personal and private one – heck, I know couples who have been together for a year or so and still have not discussed their finances with each other so why discuss it with this random person who is helping you find a home? I get it. Sometimes it is an uncomfortable question for me to ask. However, it is very important for me to know.
- So let's discuss the elephant in the room f...
20
Why Do I Need a Preapproval to Look at a House?
If you have ever been in the market for a house, you are familiar with a preapproval. If not, a preapproval is a letter from a mortgage lender stating that they have reviewed your financial status and have determined that you meet their borrowing guidelines for obtaining a mortgage to purchase a house.
So first things first – you find a REALTOR (like me) – and I will begin asking you questions about what you are looking for. Likely, the first, or close to the first, question that I will ask is if you are preapproved and for how much.
I know, I know, this question is a very personal and private one – heck, I know couples who have been together for a year or so and still have not discussed their finances with each other so why discuss it with this random person who is helping you find a home? I get it. Sometimes it is an uncomfortable question for me to ask. However, it is very important for me to know.
- So let's discuss the elephant in the...