Always Know Your Numbers!

Posted by: najirashid on Sunday, September 27th, 2009

In today’s world 85% of consumers starttheir home buying search for properties on the Internet. Many potential home buyers whom are referred to me will give me a list of properties they have been looking at on the Internet and some time they have actually driven the area and viewed the properties from the outside. While I applaud the dedication and seriousness of the clients most have not been prequalified and “know their numbers.”

The first step in the home buying process for everyone no matter the price range is to get prequalified so you know your numbers. Especially in this market. Lender guidelines are changing sometime daily.

These are the numbers you should always know before you start your home search;

1. What is my qualification amount?

2. What is my estimated interest rate?

3. How much down payment and closing cost do I need?

A lender can provide this for you in the form of a Good Faith Estimate in writing. I will not show houses to clients who do not know their numbers. If you request a Good Faith Estimate from a lender and he or she refuse to give you one I would proceed with caution. I can also assist you in obtaining one. So get a Good Faith Estimate and take some of the stress out of the home buying process.

And always KNOW YOUR NUMBERS!

 

 

 

 

Topics: Financing, First-Time Home Buyers, Interest Rates

 

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