The Steps to Home Buying – Step 1 – Pre-Approval

So, you are ready to buy one of the Aurora, CO homes for sale, but where to start? With everything changing so rapidly in the real estate and mortgage world right now, you need to be informed. Sellers have started to not even accept offers from potential buyers until they know they can buy. They are asking for proof of eligibility – a pre-approval letter.

How do you get one?

To start with, you want to be sure that you know what you qualify for. Too many times a buyer has fallen in love with a house that they are looking at with the realtor, only to find they can not afford it. So, if you start with getting a pre-approval letter before you go looking at the Aurora, CO homes for sale, you know what you are in for.

By getting a pre-approval letter done, you are sure of a few things:

  • You know how much you qualify for
  • You know you can afford the payment
  • You know about how much you will need for a down payment
  • You know if there are any credit concerns or issues that need to be addressed. That way they do not become problems down the road.

To obtain a pre-approval letter, a few things will occur.

  • Your credit history will be reviewed
  • Your income will be reviewed
  • You must show proof of your down payment

Once these are taken care of, you can have a pre-approval letter sent out to you. Most lenders can have a pre-approval letter to you on the same day. Now that you know the first step to picking which of the Aurora, CO homes for sale that you want to buy. – Get started!

Rates are still low and there are plenty of homes to choose from. See how much you can qualify for and how easy the process can be when you work with someone you can trust.

Source by Nicholas Goraczkowski

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