Are You Window Shopping or Buying?

Are You Window Shopping Homes or in Buying Mode?  

Let’s cut right to the chase. If you put off getting pre-approved for a mortgage, you’re a window shopper and not a serious buyer. It’s a fact.

Would you go to the mall without knowing how much available credit was on your credit card? Imagine, walking into a store, looking at clothes, asking the sales woman to bring you this shirt in a different color and that dress in a smaller size, and having absolutely no clue what you can afford to buy?!?!  

Would you test drive everything from a Ford Fiesta to an Aston Martin without having any idea what your credit looks like or how much (if any) of a car loan you would be able to secure?  

So, why step one foot into a home that’s for sale if you don’t have any idea if you are eligible to buy it or not? There are two reason that we hear over and over again on why people avoid getting a pre-approved mortgage.

1. They just don’t feel like dealing with the “hassle” of getting all the necessary paperwork together.
2. They are secretly avoiding the truth about their credit and the fact that their dream home may actually be out of their financial reach.  

While it may be hard to face the facts, you must be realistic, avoidance doesn’t help you. And truth be told, it may not be nearly as bad as you are imagining. There are so many things that your realtor and lender can advise you on that you may not have considered.

Don’t wait to get Pre-approved to buy a home.

There is no need to wait until you’re ready to start looking for a home to get pre-approved. It is perfectly fine to see where you stand now even if you don’t plan on buying for 9-12 months. Being in-the-know allows you to have the time to correct any credit report errors and other things that may have a negative effect on borrowing, putting you in the best possible position when you’re ready to buy.

Not all home loan programs are the same.

Never assume that you will qualify (or not qualify) for the same loan that your brother, sister, neighbor, or colleague got. There are so many different programs with different qualification requirements which means there is almost something for everyone.  

You choose.

With so many program options available, there is a good chance that you will qualify for more than one, putting you in the driver’s seat! How awesome is that?  You may want to consider financing through a credit union, traditional bank or VA loan. Before you decide download our FREE e-book on getting pre-approved.

Be a serious contender.

When the time comes to stop window shopping and start making offers, you want sellers to take you seriously. Selecting a lender, having your credit reviewed, and getting a pre-approval amount, will make you a serious potential buyer in everyone’s eyes.

As always, we feel that home buyers should be armed with as much knowledge as possible without any pressure. Take a minute and get our free guide that will walk you through the entire mortgage process. It’s as simple as clicking here.