Imagine, after 2 months of searching for a home to buy, you come across a beautiful 3 bedroom 2 bath in the neighborhood you love. And it only costs $800K! What a deal!
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So your agent says go get pre-approved and let’s put in a offer! Right away, you say!
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So your lender has all the needed documentation, and she sits you down and says congratulations, you are approved to buy a home for $700,000!
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Wait!
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What?!
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The home you want to buy is $800,000!?!?
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SORRY, YOU LOSE.
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All that time wasted searching for a home only to find out that you can't even get a loan to buy it.
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This could have all been avoided had you just been pre-approved for the loan fist.
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Now that you know this info, what are you going to do to avoid falling into this problem?
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1) Get pre-approved by a lender
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2) Go shopping for a home that has an asking price that you can afford.
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It's that easy.
