THE BATSON TEAM – from our Viewpoint

Q: If you’re a Buyer, what is the first thing you need to have before looking for a new home?

A: Unless you’re a cash buyer, the first thing you need to know is how much you can borrow on top of the cash down payment you have.

Just like using a professional Realtor to help you find and successfully purchase (or sell) your home through the quagmire of paperwork, you need a Mortgage Lender for the financial portion of your purchase. Your Realtor can recommend a few for you to interview to be sure you have the right fit. We have several trusted Mortgage Lenders we can highly recommend

It is important to understand that to make an offer on a property, your Realtor must include proof of the Buyer’s capability to purchase attached to that offer. It’s called a Pre-Qualification Letter. This means the Buyers have given their information to a Mortgage Lender and based on income-to-debt ratios, assets, job history and tax records, he/she will determine how much they can borrow. The loan amount plus the down payment the buyer has determines the price range of the home they can purchase.

Most of us go to Open Houses or look on-line; often falling in love with a home or neighborhood before really knowing how much they can or should spend. Reality can be disappointing so find out the price range before looking.

When you’re planning to purchase a new home, unless money is no object at all, until escrow closes, don’t buy anything major on credit. We mention “until escrow closes,” because the lender will run the Buyer’s credit again before sending out loan documents three days before closing. If they see a new debt, that could mean you won’t qualify for the home. Be a wise Buyer.

If you have any questions, please email us at: Jean@AlandJeanBatson.com