Here's something every prospective homebuyer should know -- you should get pre-approved by a lender before even beginning a home search.
Sowell agent Steve Solomon explained, "It is important to know how much a Buyer can really qualify to buy based on their Debt to Income Ratios. A Mortgage Lender will assess total debts versus income and be able to compute how much a Buyer will be approved for once they find their home of choice"
Steve continued. "It would be a waste of time to look for houses that an individual cannot qualify to purchase and be disappointed to find this out after the fact. By getting pre-approved, a Buyer will know that once they find the perfect home, there will not be any issues which will stop the purchase from happening. Also, being pre-approved gives more credibility for the Seller to accept the offer from a pre-approved Buyer over a Buyer that has not been pre-approved."