As the real estate market has moved away from the go-go times when everything sold regardless of price and Congress encouraged lenders to lend to any buyer who could fog a mirror, it is time to focus again on the basics.
It has been so long that most consumers (and some agents) have forgotten the basics that are hidden by myths which came in when times were crazy.
So I'll post from time to time some of what I consider to be myths.
Myth - Buyers should wait until they find the home they want before getting loan approved.
Reality: Especially in today's mortgage market, where standards are changing weekly if not daily, loan approval needs to be a first step. Just because you could get it 3 months ago doesn't mean anything today. You don't want to fall in love with a house, then find out you can't get it or at the payment you were expecting. You're going to need a lender you can work with anyway, so why not get that relationship started before you absolutely need them the next day.
Take the time to find the lender with the service to keep you up to date on how the changing world of real estate lending impacts you. Now more than ever, you need a real person you can work with NOT an electronic phantom.
When you find the home you've been dreaming of you'll know you can get it and you'll be in a much stronger position to close the deal.
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