Buying a new home? Need to get a mortgage preapproval? With mortgage lenders changing their guidelines daily (sometimes it really seems that way) it is very important to get preapproved for a mortgage before you even think about looking for a new home. You need to find out how much home you can afford so that your feelings aren't hurt when you find out you can't get preapproved for the home that you fell in love with. Your first item of business is to find a mortgage broker (hint, hint...there's one right here)

Once you have your mortgage preapproval in hand you can begin your home search. You may either use a licensed real estate agent or search the for sale by owner listings yourself. Keep in mind, if you purchase from a for sale by owner listing you will probably save more money because you have cut out the real estate agent and their commission fee is usually 6%. Also remember that this is a seller's market, which means you should negotiate, negotiate and negotiate on the sales price of your new home. Don't pay full price or even close to it. The first homeowner may not bite, it will just depend upon how badly they need to sell the home.

Once you have a signed sales contract, fax it to your mortgage broker.

Have a Great Day,

Sandra Sheely