Key weekly thought -
Getting preapproved for a loan is the first step in buying a home. Many times I will get asked to show properties when a buyer hasn't talked to a lender yet. Most people don't really understand the steps in the home buying process.
Step 1. - Get Preapproved
Tell the lender where you want your house payment to be with property taxes and homeowners insurance. It is important to find out about the different types of loans. Are you a Veteran? A VA loan is the best type of loan available. A VA loan can be used over continuously, many people think it can only be used once.
Did you know that certain areas allow for an agricultural loan called a USDA loan? The USDA loan is a no money down loan. It is the only no money down loan besides a VA loan that is available today. There is a map outlining qualifying USDA loan areas, you may be surprised!
Does a home you are interested in need too many repairs? An FHA203K rehab loan may be just what you're looking for. This loan allows you to borrow for repairs made to the home and roll it into your mortgage.
Are you a first time home buyer? Many areas have first time home buyer down payment assistance programs. Your lender will know what is available in your area and can let you know what the qualifications are.
1. Getting preapproved let's you know what price to keep your home search under.
2. Preapproval will help narrow your search criteria to homes that will fit the types of financing you are considering.
3. Preapproved home buyers are in a better position to negotiate when they do find the right home.
4. Many sellers are requesting that only lender qualified buyers view their homes.
5. The loan process and ultimately closing on your new home will go much quicker if you are preapproved.
As you can see a knowledgeable, trustworthy and dependable lender is KEY to starting the home buying process.
For lending information in Northwest Indiana and Northeast Illinois -
call Ruby Stover, Lakeshore Mortgage: 219-617-2987
call Mike Forrest, Real Estate Resource: 219-678-9411
For all your real estate needs in Northwest Indiana - I specialize in helping my clients as a buyer's agent and as a marketing specialist. I utilize the latest technology to assist in the sale of your home or your purchase.
Whether you are buying or selling, it’s all about you!
All rights reserved. May not be reproduced or reprinted without express written permission of Christine McDaniel, real estate agent with Red Key Realty Leaders. All information herein is deemed reliable but not guaranteed
Northwest Indiana real estate including the counties of Lake, Porter, Jasper and Newton.The Key to all your real estate needs whether buying or selling in Crown Point, Chesterton, DeMotte, Hebron, St. John, Valparaiso or any other city or town in Northwest Indiana. Let me be your Key to a smooth transaction.