This is a hot topic with mortgage interest rates at record lows, and what means it’s especially competitive for buyers.

The smart place to begin is with a letter of preapproval from your lender. Your lender will collect some information from you on your income and debt, and will help you to make a determination on your budget.

Let’s say you are one of those folks who calls to inquire on a property, and when you are asked by the REALTOR ® if you have a preapproval letter, you respond by saying “Well, not yet… I just want to see the house.”

Let’s also say the REALTOR ® agrees to show you the house without having a letter of preapproval.

Let’s ALSO say you walk through the house and fall in love with it.

Without having the letter in-hand, your offer will be meaningless and you will have set yourself up for disappointment.

Perhaps you haven’t yet gotten your letter because you aren’t sure what is the minimum credit score required to buy a house. Despite this, we strongly encourage you to meet with a lender (even by phone or Zoom) to discuss your current situation.

Once you have a letter in-hand you can look at houses with confidence knowing you are ready, willing, and able to move forward when you see “The One.”