By Ray Straub : The Mike Parker Team

Selecting a Real Estate Professional:

Purchasing a home is one of the largest investments that most people will ever make.  With a financial investment of this magnitude, it is important to obtain as much information as possible so the buyer can make educated decisions.  With all of the information available to buyers today, it can sometimes be difficult to determine which information is accurate.  Selecting the right real estate professional to guide you through the process can be a great help.  A good Realtor can provide useful information and insight into local market trends and data.

Getting Pre-Qualified:

After you have selected a Realtor you are comfortable working with, the next step is getting pre-qualified for a loan.  Your Realtor will be able to refer you to a loan officer who can go over all of the different loan options with you.  Each buyer is different and there are a number of different loan programs to fit the needs of each individual buyer.  When getting pre-qualified for a loan there are things that need to be taken into consideration.  Your credit score plays a big role in getting qualified.  If you have issues with your credit score, they need to be cleared up as soon as possible.  Your loan officer will examine your credit report and direct you as to what issues need to be addressed.  Your debt to income ratio is also analyzed in the pre-qualification process.  Once this is done, you will need to determine your maximum loan amount.  It is important to keep your monthly payments at a number you feel comfortable with.  Just because you qualify for a certain amount does not mean that you have to purchase a property at the top end.  Make sure that you understand the details of the loan you will be utilizing.  Don’t be scared to ask questions.  Your Realtor and your loan officer work for you, and should be looking out for your best interests.  Together you should be able to figure out what loan program works best for your situation.