Carletha Frazier Singleton, Realtor with eXp Realty Hilton Head : March 2014

When you're thinking about making a move, the first steps in the home buying process are:

. Deciding when you want to make your move
. Considering how much money you would like to spend
. Thinking about what type of home you would like
. Deciding where you would like to live

The next step is usually finding out how much you can qualify for and deciding the type of financing that will work best for you. If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness. You will need to fill out a loan application and go through the lender's loan approval process at a later date.

When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search. When you are pre-approved, the lender conducts a thorough credit check and verifies your employment and deposit. The lender's pre-approval is a commitment to loan up to a certain pre-determined amount. The only thing missing is the lender's appraisal of the home to confirm its value.

Why is pre-approval important at the beginning of the home buying process?
Pre-approval strengthens your offer and negotiating position. A home seller will often choose an offer that is pre-approved for a mortgage over someone whose financial picture is still in question.

Please don't hesitate to call or email me for additional information about the buying process. My goal is to provide you with practical information as you consider your next move. And, when you're ready to make your move, I'll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!

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