It is extremely important to know your "True Buying Power" for several reasons. The first reason is so you won't waste time looking in the wrong price range for your "real" home, second, to increase your negotiating power and third, make your offer as strong as possible when buying a home.
It is always important to start the loan process prior to searching for homes for several reasons. One reason is to see how much buying power you actually have to purchase your home. This is important so that you, the buyer, are looking in the price range that meets your needs....not looking too high where you will be disappointed when you find out you cannot obtain a loan for that perfect home you just viewed, or on the other side, not finding those specific options that you are looking for in your new home because your price range was much lower than your actual buying power.
Another reason is to increase your negotiating power, not to mention that most owners will require a pre-qual letter before even looking at your offer. This would allow time for another buyer to submit or even ratify an offer on the same home leaving you out to look for a different home to purchase.
As well as several other reasons, it makes your offer to purchase much stronger. It shows the seller that you have started the loan process and if they look at your offer, they will not have to wait or be worried about whether you can buy their home. It gives the seller a sense of relief with regards to the financing section of the contract. Touch base with a lender and find your full buying potential.
This Website is provided to give the consumer any and all information to help make an Informed Decision about buying and/or selling a home, but not limited to Charleston Tri-County Area, Goose Creek, Charleston, Summerville, Ladson, Moncks Corner, Mt. Pleasant, Isle of Palms, James Island, Folly Beach, Knightsville, Dorchester, Berkeley, Charleston County, Mortgage Info, Real Estate, Investment Property, Relocation, Transfers, Residential, New Construction, Resale, New Home, Single Family, Golf Communities, and Your Dream Home. Information Deemed Reliable but not Guaranteed.
