2011 is starting out to be the best year ever for Buyers of Real Estate. It is expected that Foreclosures will peak this year and mortgage rates are still near historically low interest rates. Most Buyers today are on the internet for many months watching home prices, getting to know the market they are interested in purchasing, watching new listings come on the market and watching great deals come and go. When they are finally ready to contact a Realtor, one of the first questions they are asked is whether or not they are "Prequalified with a Bank or Mortgage Company?"
Unless you are paying cash this is an important step that must be completed before you get serious about looking at homes. When that really good deal shows up on the market and you fall in love with the property, you need to be prepared to make a bona fide offer to the Seller. Sellers these days will not consider an offer "subject to Buyer receiving favorable financing".
Your Realtor can provide you with Banks and Mortgage Company contacts so that you can schedule a meeting with them. They will go through your credit history, job security, income, debt ratios and determine what best type of mortgage and how much you qualify for so that you now are empowered to make an offer on the home of your choice when you find it. Mortgage lenders are terrific at pointing out small things you can do to qualify such as paying off credit card debt or adding some more to savings.
Don't miss out on an opportunity - get the mortgage prequalification and call your Realtor who will keep you up to date on all listings as they come on the market so that you are ready to Buy when that perfect spot becomes available.
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