What do I need to do to buy a house? This is what most people do NOT think about. They decide they want a house and head over and start searching for one on the main sites like Zillow, Movoto or Realtor dot com.
They call a real estate agent listed on that site and say, "Hey Agent ________, My name is _________ and I would like to go see 123 W Victor Ave. today.
Sometimes that will work, however, an astute agent will ask you, "Are you Pre-Qualified for a loan for the price of this house?"
You say, "What? Why do I need to be prequalified? I looked at the financing portion on ____.com and I can comfortably afford it."
The agent then asks, "Did you notice the down payment defaults to 20%?" That would be a down payment of $36,000 for the $180,000 home you are choosing, do you have $36 thousand for a down payment?
The color goes out of your face as you realize you do not have that amount plus closing costs which are extra.
The Agent then comes to your rescue and says they have a few loan agents they work with which can help you get more fluent in the financial side of buying a home. You choose one and give them a call. They will ask you for things like the last 3 months of income, what your credit rating is, how much you qualify for, and then you will know what to look for in prices of homes.
If you have any questions about buying a home,
Call Debra Brown @ 956-300-4475 License Number: 0772984 RIO GRANDE VALLEY MULTIPLE LISTING SERVICE, INC.
Realty One Group, Modern Edge
debbie@rogmodernedge.com