Is a mortgage pre-approval necessary before looking at a home for sale?

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YES, obtaining a mortgage pre-approval will enable you to clearly understand your housing search criteria. Also, when you have found the perfect house, you'll be ready to make an offer and move swiftly towards home ownership! Feel free to contact me for a list of reputable mortgage professionals who can provide you with a mortgage pre-approval.

Pre-Inspect Your Home Before Listing it For Sale

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Of the many methods to market a home for sale, a pre-inspection performed by an accredited home inspector will save you time, money and effort.  Imagine if you could find all the problems that a buyer would find if they were to perform a home inspection.  You would be able to resolve any issues on your terms and alleviate any potential for buyer anxiety.  As a result, you will be able to market and sell your home for more money and more swiftly than any other comparable listing on the market!  If you were a buyer, wouldn't you look more kindly towards a pre-inspected home?

Up-Front Home Buying Costs

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Typically, a mortgage down payment is the largest expense for a Buyer when purchasing a home.  While it may be the largest expense, it isn't the only one.  A Buyer should also budget for home inspection costs, numerous closing costs (escrow fees, title insurance, survey charges, transfer tax, homeowners insurance, appraisal fees, deed recording fees, notary fees) as well as fees to a real estate agent and a lawyer.  In order to find out what it will cost to purchase a home, a Buyer should request a summary known as a "Good Faith Estimate" or "Estimated Cost Sheet" from a qualified professional.

Check Your Credit Report Before Mortgage Shopping

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Take a moment to check your credit report and score before shopping for a mortgage.  It can save you a lot of trouble to make sure that your credit history is accurate and that you are in good standing with all of your accounts.  There are 3 credit reporting agencies: Experian, TransUnion and Equifax.  You can choose to check them all separately for a fee or you can got to AnnualCreditReport.com and receive an FREE annual credit report from all three agencies.  Unfortunately, you will not receive a free credit score from any of the agencies through AnnualCreditReport.com.  Another option is a new service called Credit Karma.  They will provide you with free access to your TransUnion credit report and score plus some addition features that you won't find anywhere else.