O.k we feel like were ready to start looking for houses

So step 1 is????

Get prequalified or can we start looking first?

They say your mortgage should be no more that 1/3 of your takehome?

get a mortgage approval first. and make sure its an approval and not a pre-qualification. try your bank first since they'll try to offer you the best rates to keep your business.

its always in your best interest to be approved before going out because:

1 - if you see a house you like you can move on it quicker (even more beneficial if you're up against other buyers who DONT have approvals)

2- any offer you make will only be taken seriously with an approval (and it most cases your offer wont even be presented without one!)

if you are unsure about neighborhoods and school districts, check www.greatschools.net. good luck! and have fun!!!

I am w/ you....my dh and I are starting the search as well....so exciting and scary

Never said thank you!

Thanks ladies!

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Posted by alnem

get a mortgage approval first. and make sure its an approval and not a pre-qualification. try your bank first since they'll try to offer you the best rates to keep your business.

its always in your best interest to be approved before going out because:

1 - if you see a house you like you can move on it quicker (even more beneficial if you're up against other buyers who DONT have approvals)

2- any offer you make will only be taken seriously with an approval (and it most cases your offer wont even be presented without one!)

if you are unsure about neighborhoods and school districts, check www.greatschools.net. good luck! and have fun!!!

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With all due respect, #2 is not entirely true. An offer will be taken MORE seriously with pre-approval (or pre-qual, which is better than nothing). But by law, an agent has to present all offers to the seller.

Having pre-approval is certainly appealing to a seller, but it's not absolutely mandatory.