Detroit Real Estate

The first thing you should do as a Metro Detroit first time home buyer MI 

             is to get your mortgage financing lined up.  There is no sense going out to look at

              homes when you don't know what you can afford.  With all the changes in the banking

                    regulations you need to know whether you can get a mortgage at all.  Many first time home

                          buyers are afraid of the process and feel they may not qualify.  So many first time home buyers

                                 are pleasantly surprised to find out how easy it is to get approved.  So call up your local mortgage

                                        broker, stop in your local bank or credit union, or surf the net for a mortgage person.  There are lots

                                                 of them but check their experience.

The loan officer will ask you about you income, pull your credit, find out

           what kind of payment you want.  Once they know you can qualify they will

                  issue you a pre-approval letter.  What a pre-approval letter states, is that you

                               can buy a house up to a certain purchase price or certain loan amount.

Does that mean you should buy a house for that much?  NO!   You and

             your spouse or significant other should sit down and determine yourselves

                    what kind of house payment you can afford.  Be sure to include property taxes

                          and homeowners insurance.  The loan officer may qualify you for a much bigger house

                               and house payment than you want.  You need to decide for yourself what kind of payment

                                        you want!   Then once you decide that, tell your loan officer and your Metro Detroit Realtor

                                                what type of payment you want. 

As a Metro Detroit County first time home buyer MI you are probably thinking why do I need

              a pre-approval letter?  There is no listing agent or bank that will accept a purchase offer without

                             a pre-approval letter.  It's a basic requirement when you submit an offer on a  Metro Detroit

                                         home.  The seller wants some assurance that you are qualified to buy that home.  The seller

                                                 wants to know that the loan will close.  Without a that how does a seller you know that the Metro

                                                                               Detroit first time home buyer MI can get a loan? The seller can't know without a pre-approval letter.

So getting your finances and pre-approval letter is the first step in your home buying process.  Do a budget and figure what you can afford in a payment and then go to a lender to get your pre-approval.

                If you have  questions feel free to call me or email.  info@russravary.com or cell phone

                       (313) 310-9855.  Russ Ravary your Metro Detroit real estate agent

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