If you are currently looking at Houston properties, but have not obtained pre-approval for financing, you need to do so right away. When a seller of a home receives a purchase offer, he considers the offer price as well as the buyer’s status. Therefore, if you want to increase your chances in the negotiation process, you need to obtain pre-approval before scouting the real estate market.
Why Pre-approval is Important
Pre-approval also enables to you select the Houston properties you actually can afford and strengthens your position when negotiating. After all, cash buyers do get better deals or discounts over other types of purchasers. By obtaining pre-approval, it will be a benefit when talking to potential sellers and sellers agents. Pre-approval gives a seller the confidence that you will be able to close the deal.
When it comes to obtaining mortgages for Houston properties, you will find that you will be presented with varying conditions and terms. That is why you need to consult with a real estate professional to help you with the process. You simply cannot choose the lowest interest rate when taking out financing. That rate is only used as a lure to pique your interest so that you will contact the lender for more information.
Besides the actual price of the house, you will also have to consider the closing costs and the points and discounts associated with the loan. Fees and charges can vary broadly from one lender to the next. They are based on the buyer’s employment history, credit rating, loan type, income, and assets. That is why pre-approval is so important to obtain.
The Buying Process – Use Resources Online and Off-line
Therefore, not only do you have to establish a relationship with a real estate agent when looking at Houston properties, you also need to obtain pre-approval through a reputable lender. That entails looking online for comparisons as well as contacting local real estate companies and mortgage lenders in the Houston area. Real estate experts recommend that buyers first check the local rates, and then sit down with a lender in person.
Surveying Houston Communities
Once you are pre-approved, you can start looking at the neighborhoods for Houston area properties. If you have children, you will have to consider such things as the school district and a property’s location in connection to playgrounds and parks. Other factors to consider include the distance of the real estate to shopping, hospitals and work.
A Productive and Positive Experience
By getting pre-approved and looking at the homes in communities that you can afford, you will be making great strides toward finding the home that best meets with your needs and those of your family. Using online resources as well as contacting a local real estate professional will make looking for a Houston home all the more productive as well as positive.
