PREAPPROVAL OR CASH PURCHASE
Whether your new home will be your primary residence, an investment, or a second home, your first step is deciding the terms you would like to use to purchase.
If you are a cash buyer, then you will need to have a statement or statements to provide with your offer to show the seller you are a capable buyer.
If you are going to get a home mortgage loan, you will need to get preapproved by a mortgage lender. The lender will look at your income and assets and help you determine how much you can borrow. The lender will also go over current market interest rates, loan programs and help you to figure out the payment and subsequent loan amount that is most advantageous for your situation. Please contact your lender before you start looking for a new home. It will allow you the freedom to know exactly what you qualify for and what that financially will entail. Also, many sellers will not accept a contract without a preapproval letter in the buyer’s hand.
While many buyers have a preferred mortgage broker, if you are in the market for one, we highly recommend Matthew Bassitt at Northwestern Home Loans. Northwestern Home Loans has provided mortgage services to many of our clients over the years. They are honest and knowledgeable.
Are you planning on a 1031 Exchange? Please let us and your lender know that in the very beginning! There are timelines and strict deadlines to successfully navigate a 1031 Exchange. You can lose thousands of dollars in taxes if you don’t meet those deadlines. We’ve helped numerous clients close on 1031 Exchange transactions, so we understand the process and are ready to help you protect your hard-earned equity. If you need a 1031 Exchange Accommodator, then we can help you there as well.
Your next step will be to decide Where You Want to Live...