Get the Loan First

home mortgage loan, home mortgages, home loansBuying a Home? 3 Critical Reasons to Get the Loan First

Freedom Financial Services has always encouraged people to “get the loan first” before looking at homes. Here are three good reasons:

1. Getting the loan first provides you with a realistic and comfortable price range to search within. How much do you want to spend a month on a house payment? How expensive of a house can you buy based on your income? Getting the loan first is critical in that it should keep you comfortable with your loan. When you talk to one of our mortgage consultants, we can give a good idea of your financing ability.

2. When you have pre-approval you have more negotiating power to make an offer on a home. A pre-approval is a strong signal to a listing agent and seller. They are much more inclined to work with someone who is ready to go to a closing table. It shows the seller that you are a legitimate buyer. Listing agents will be more willing to work with you.

3. Most importantly, the tedious part of the process is now over. Let’s face it: Shopping for the home is a lot more fun than sitting across from us at a desk, going over how much you will need for a down payment. But it is much easier to be realistic and set your budget before you fall in love with a home that is not quite within your reach. It is better to be realistic up front and get a smaller loan than to take a big loan and struggle with it later. For most people a home is the biggest investment they will ever make. It can also be their most profitable investment. Whether it’s a log cabin in Colorado, a house minutes from the beach in California, or a loft high above the bustle in Manhattan, Freedom Financial’s job is to get you a loan that fits your life and your lifestyle.