This will be a multi-part blog because there are so many critical components to pull together.
So you are ready to make what may be the largest purchase/investment in your life. You have your "future" home must have features nailed down. The area you want to live in has been vetted.
Now, do you go out and start looking at houses? In short, you are better off getting your finances in order first. There are a few reasons for that. Neither of them weigh any differently. More often than not, a Seller will look to have a pre-approval letter accompany any offer. We are seeing this more and more in contracts. So if your not pre-approved you would be at a disadvantage in getting that home. Second, if a seller isn't looking for that letter, you don't want any surprises to come up once a lender pulls your credit. Once your credit is pulled, a lender will provide a letter with a price-range cap so you can negotiate confidently, knowing where your stopping point is.
Tomorrows discussion will be 'Checking Your Credit'.
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I'm busy working on my blog posts. Watch this space!