“Loan, Loan, Loan” is also important

special thanks to Duane Gomer for these succinct words:

ALL HOMEBUYERS
Before you go to look at any open-house go to a bank and get pre-approved for a loan not pre-qualified.  This may take some work on your part but it is better to do the work sooner than later.  Two facts of which you may not be aware.  

#1 – Suppose you want to buy a $300,000 house and have the down payment but the bank says you can only qualify for a loan to buy a $240,000 house.

Before you go looking, find out what you will be allowed to buy.  You will hear the old adage, “Location, Location, Location.”  You may find out that, “Loan, Loan, Loan” is also important.

#2 – When you are making an offer, you will move to the head of the list if the sellers and listing agent know that you are pre-approved for a home of that value.  Also, sometimes when you get your approval, you will find out that the bank believes that you can afford a more expensive home than you thought.  That is a good feeling.  Perhaps, you are thinking too low.


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