Home financing 101

A key part of buying a home is the financing and getting a pre-approval by your lender. Sellers and their agents see a pre-approved buyer as a more serious, committed individual than one who shows up without any kind of pre-approval and/or commitment letter from their lender or financial advisor. Be sure to plan ahead and get a copy of such documents.

Before you look at any properties, you, your Realtor® and lender need to evaluate a few things.

1) What is your credit history like?

2) How much can you qualify for?

3) How much will you need for a down payment?

4) What are your financing choices and options?

5) What will your mortgage payments include?

6) What are you comfortable paying per month towards your mortgage?

Once you have a better understanding of your finance possibilities, choices and what you can afford, you can then start identifying neighborhoods in your price range.

For more buying and selling tips, visit www.bostonresidentialre.com/real-estate-tips or call me directly at 617-595-5082. Happy buying!

Posted at 08/02/2011 03:03 PM by David Sampson

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