What Is The First Step In The 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 NM Home Buyers
If you are a buyer, our foremost goal is to provide you with exceptional customer. Our goals are to help you purchase the right home, make sure you don’t miss out on any homes that meet your needs, and make sure you don’t pay too much for your next home. Please utilize our Albuquerque NM real estate expertise to make your home search and buying experience as stress free and rewarding as possible.