Being a fan of shows like HGTVs Property Brothers, we can all appreciate that moment when the prospective home buyers are shown “the” house and invariably it’s out of their price range…usually by a lot. (Drew is so sneaky.) So, how do they know it’s out of their price range? They have been “pre-qualified”. The pre-approval process, albeit “not-so-glamorous” is “oh-so-necessary” when taking steps to purchase your home. After all, it’s the only way to truly know how much house you can afford. As we mentioned in part one (“New Hubby, New Digs, New Life…”) of our series, the loan qualification process often proceeds, but should at least coincide with your home buying search.
So, if you father happens to be Richard Branson or you hit it big on your dorm-room based tech startup, feel free to skip over information for First-Time Homebuyers and “The 10 Do’s and Don’ts During the Mortgage Process” provided by our friends at Movement Mortgage. If you’re like most of us, you will find the pointers a helpful guideline to get you started on the road to your mortgage and your new home.
(Have you noticed a theme? One word, compromise.)