This might sound self-serving since I know you want to get out there and look at houses. But that’s putting the cart before the horse, especially here in Memphis!
Why, you might ask?
Well, Memphis is an incredibly competitive real estate market, and sellers often receive multiple offers. That means you may be competing against other buyers for the same house.
So, how do you make sure your bid is accepted?
Get pre-approved BEFORE you go looking to buy a house in Memphis, TN.!
And for that, you’re going to need to choose a mortgage lender.
(Hint: If you want to save yourself a lot of time and headaches, we’ve been in business since 2001 and are ranked as a top producer nationally. Give us a call at 866-957-9770.)
Remember, getting pre-approved is NOT the same thing as getting pre-qualified!
Pre-approved means an underwriter has reviewed your file and approved your mortgage up to a certain dollar amount.
At that point, you’ve taken into account the correct taxes and realistic homeowners insurance requirements on homes in your price range. When you rely on online calculators, you might underestimate these things and that mistake can keep you from getting the home you want.
Also, before you go looking at homes, it’s important to understand that what you QUALIFY for and what you’re COMFORTABLE with are 2 totally different things!
Just because you CAN afford a certain payment on paper doesn’t mean that’s a smart financial move for your family.
Getting pre-approved ahead of time means you’ll know exactly what payment range you’ll have and have a chance to really think about if that’s a commitment you want to make each month.
Plus, once you are approved, you can Offer with Confidence and sellers will know you’re a serious buyer.