Most folks who buy a home this year will not be paying cash. An important early stage of the home buying process is to talk to a lender to become pre-approved for a mortgage. As you meet with a lender, remember that there is often a difference between:

• How much money you could borrow to purchase a home.
• How much money you want to borrow to be comfortable with the monthly payment.

When you are just starting the home buying process, I recommend that you talk to one lender to get a rough idea of the price range of homes you will pursue and to make sure there aren’t any credit issues that would be a surprise to you. Once we are ready to make an offer, or after we have a contract on a house, it then makes sense to check with at least one additional lender to make sure that the interest rate and loan terms offered by the first lender are competitive.

If you are looking for a qualified mortgage professional, email me (scott@HarrisonburgHousingToday.com) and I can give you some recommendations based on your situation.

As you are navigating the home financing process, I am happy to help you understand the information you are receiving and the decisions you are being asked to make. There are a variety of loan programs that can likely work well for your situation, but we’ll want to make sure you are aware of all of your options.