What Is The First Step In Home Buying Process Albuquerque NM
I am often asked “What is the first step of the home buying process in Albuquerque. For most home buyers, the first step of the home buying process is to get pre-qualified for a mortgage. Getting pre-qualified for a mortgage is the first step in the home buying process unless you are paying cash for your next home.
Why do I need to get pre-qualified?
Quite simply, unless you are paying cash, you must qualify for a mortgage. Mortgages for homes are heavily regulated by the federal government and you need to find out if you meet the requirements.
If you meet the requirements, the lender will tell you how much home you can afford and your estimated monthly payments. This will save you time as you begin your search. It does you no good to look for homes priced in the $300,000 range if you can only qualify for a home priced at $200,000.
In addition, most home buyers will not accept an offer on their home unless you can provide a pre-qualification letter from a reputable lender.
What information is needed to Prequalify for a mortgage?
There are many rules and regulations when it comes to qualifying for a mortgage. Lenders will look at financial information such as your credit score, your income, time frame for your income, your debt, have you filed bankruptcy, have you had a foreclosure, and a host of other items.
After you meet with a lender, they will let you know how much home you can qualify to purchase. Just remember, you don’t have to purchase a home just because you qualify for the home. You should set up budget that you are comfortable with and stick to the budget.
Call us today at 505 401-7500 and we will set you up with a no obligation and no cost consultation with a reputable lender to see if you qualify for a mortgage.
Congratulations, you know what is the first step in the home buying process in Albuquerque.
Albuquerque Realtors
The real estate market is constantly changing and no two clients or transactions are the same. Achieving the real estate goals of our clients are the cornerstone to our business philosophy.
For most people, buying a house or selling a house, is the biggest financial decision of their lives. Selecting the best real estate agent will be the most critical decision made when buying or selling a home.
Our real estate agents have extensive experience in the current market and are agents you can trust. We have the knowledge and expertise to help you buy or sell a house.
Our team is here to help you and make the process as stress free as possible.
Myers & Myers Real Estate has been helping home buyers and sellers since 2010 and we’re ready to put our expertise to work for you.
Buyer’s Realtors
Our buyer’s real estate agents will help you find the perfect home for your needs and budget. We’ll make sure you find the right home, you don’t miss out on any homes that meet your goals, and we’ll help you negotiate the best price possible. Contact us today to get started on your home buying journey.