Don't waste time looking at homes that are out of your price range. Get prequalified before you shop for Albuquerque Homes for Sale so you'll know how much home you can afford and what your mortgage payment will be.
This is not the fun part of buying a home, but it is really important that you take care of this early in your home shopping process. That's because the real estate market is heating up. The best houses, the homes in the best condition with the best prices, are selling fast, sometimes receiving mulitple offers. When you find your dream home you need to have a lender letter be ready to act. Sellers don't look at offers that don't have lender letters attached and it's not like it used to be where you could get one with a quick phone call. Now it can take days. Don't lose out because you haven't taken the time to speak to a lender.
Not only is it important to be pre qualified for a loan, it's important to be pre qualified by a reputable local lender that is known for getting loans closed on time. You don't want the offer you write on a property to be overlooked because your lender is only available by calling an 800 number. You need to to use loan officers that are local.
Many home buyers start the mortgage process by applying for a loan at their local bank or credit union. While this is not a bad thing to do, you need to understand that not all lenders are created equal. Your bank's local branch that may be great at helping you with your checking and savings accounts is not usually the best choice for doing your home loan. You need a specialist for that.
Loan Simple NMLS# 3032