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I just received a pre-qualification letter from a bank what do I do now?

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June 11 2012 - Stuart
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Wonderful!

First make sure you are understand the terms of the loan you are pre-approved for - How much do you need to put down and how much your payment would be if you purchased a home at your max approval. Next, begin interviewing agents to represent you. Get referrals from friends and family you trust who have had great experiences and don't just hire the first one you find unless you are SURE they are the right fit for you.
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June 12 2012
That is great! You are definitely on the right track by becoming pre qualified first. A good next step would be to sit down and find the true number you are comfortable with. Just because you are pre approved for a certain amount, does not mean that is what you are necessarily comfortable spending. Take into account: utilities, taxes, and all your day to day expenses. I like to use bankrate.com for their mortgage calculator to experiment and find that comfortable number. Once you have this taken care of, I would do some research and find a buyer's agent that you feel comfortable with and the communication between you two works efficiently. Then your agent will take you from there! Best of luck in your home search!
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June 12 2012
Congrats! Buying a home can be a wonderful experience. It also has its share of pressure and stress. As mentioned below by many of my fellow professionals, you would need to find an agent, in the area you are moving to,that you feel you communicate with well and understands your needs and desires in purchasing a home. In agreement with Gabe, you would be doing yourself a big favor if you took that extra step. Many people accept the pre approval as a means of purchasing a home to that amount,never thinking of the other factors that come into life. Just because you are approved for that much, doesnot mean you want to spend that much. Take into account your lifestyle, what reserves you would like on hand monthly for entertainment and leisure. Buying a home is a great investment and certainly can drain a savings account if there is poor financial planning for the unexpected. Your palace can become a prison if you are to leveraged and have no extra funds for enjoying life. Best wishes and have fun house shopping!
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June 11 2012
Congrats!  Now that you know your price range and loan terms, start meeting with buyer agents and discuss with them your expectations, how should they communicate with you, what your needs and wants are, etc...Remember you may need to kiss a few frogs until you find your prince.!  The best of luck!
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June 11 2012
If you have don't so , seat and write a list of musdt have  and would not accept items in your home.
this will help you focus on your search and not waste time.
Also decide if the amount you were qualified for is r and happy you can trusteally what  you feel confrota ble spending or if you want to spend a little less.
 Do not spend any additional money or get into any financial commitments until after you buy as this could disqualify you.

find a local realtor that you can trust and start your home search.  Your realtor. will guide you and explained the process. Happy house hunting. 
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June 11 2012
Go to National Association of Exclusive Buyers Agent Website  www.NAEBA.ORG and find an Exclusive Buyers Agent that work in a Buyer Agency office only and always represents the best interest of the  buyer with no conflict if interest.

Eve
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June 11 2012
Any agent who represents you is the buyer's agent. 

Word of mouth is good, but you should also do a web search for a good agent in your area.  In this day and age, a good agent should have an in-depth website that addresses the issues buyers will have when purchasing property in their service area.
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June 11 2012
My suggestion is to get together with your Realtor and/or accountant and think about what budget will make you comfortable when becoming a home owner.  Just because you may qualify for a higher amount, it may not be what you want to spend.  Once you have determined, what you would be comfortable paying, then with that price range in mind, see what is available in different neighborhoods that appeal to you.  Hopefully, you will find something in a neighborhood you like at a price that is affordable to you. 
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June 11 2012
Congratulations! i AGREE  with Sharon but when searching for a real estate agent try to find one that will be a Buyers Agent, it costs you nothing and they will work for YOU instead of the seller., Also if this is your first home you might also want to look for someone that specializes in first time homebuyers.Best wishes!
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June 11 2012
Congratulations! Now, you're ready to buy a house. Ask your co-workers, friends and family if they know a Realtor that can guide you and works in the area where you're interested in purchasing a home. If they don't know of anyone, check the websites of some of the Realtors in your area and if you find some that sound possible, call them to set up an interview. This is a big purchase so you want to find someone with your values and someone you "click" with.

This is great news and I wish you all the best!
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June 11 2012
 
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