Don’t set yourself up for disappointment by looking at homes that you simply can’t afford. You may feel that my advice is just a matter of common sense and really doesn’t need to be said. The sad reality is that many people begin looking at homes that are not within their reach. Some even go so far as to make an offer, only to find out later that the mortgage lender cannot justify loaning them all the money they will need.
Another danger of looking at homes, even on the Internet above your price range is the emotional letdown that you will experience when you finally return to your proper price range and discover that these homes cannot possibly compare with those that are more expensive.
Contact a Mortgage Lender: In order to avoid this disappointment, the first step is to contact a lender who can at least tell you what you can afford. In addition to receiving a pre-approval so you are ready to purchase, you will receive vital information such as the amount of down payment required, total closing cost, and expected monthly payment.
Inform Your Realtor®: The second step is to visit with your Realtor® to arrange for the inspection of homes that are on the market. Be sure to share the information you received from the mortgage lender with your Realtor® so he/she fully understands your financial limitations and acts accordingly.
These two steps will enable you to spend your time looking at homes that are definitely within your price range. House hunting should be fun and will be much more enjoyable when you know that you are financially qualified to purchase every home you see. Once the right home comes along, you can make an offer with the assurance that you will be able to complete the sale.
Advice: House hunting will be a positive experience if you go about it in the proper manner as outlined above. Find out what you can afford at the outset and you will enjoy your home for many years to come.
