Whether you want to purchase your first home after years of renting, or buying a big home to accommodate a growing family, purchasing a home is certainly one of the biggest decisions you’ll ever make in your life. Therefore, its important to do you homework, and make sure you understand everything involved..
In this week’s episode of How’s the Market: Real Estate. Real Answers, Nancy Braun is joined by Wes Pruitt, Senior Manager at Reliance First Capital to discuss 6 important things you must know before you buy.
Pre-approval is basically an opportunity for the lender to discuss with you what your current credit situation is, as well as, your current income situation so that they can make sure you qualify and let you know what it is you really qualify for. – Wes Pruitt
You really don’t want to get involved and start looking at homes that are for example, out of your price range or anything of that nature. So it’s really important to get that pre-approval upfront. – Wes Pruitt
A lot of people hold back and say that they’re not ready to buy because they haven’t saved any money yet I have closed so many homes with people with very little money down because there are these various programs out there that can assist with your downpayment. – Nancy Braun
You’re the buyer, you’re going to get a mortgage. Ask the question, is this mortgage that I will be paying assumable to my next buyer? It may be a very great sellable feature when you put your house on the market for the next buyer who buys your home to be able to keep your low rate – Nancy Braun