Buyers Frequently Asked Questions About Nashville real estate
Nashville real estate
1. Q: What do I need to do before purchasing Nashville real estate?
A: Get Your Finances in Order
Often when people are considering buying a home whether it be a first time investment or another home , they believe they can just purchase one like buying a new item for a kitchen. That is not usually the case. Here are some things you should do before you buy a home .
Check with a lender to see what you qualify for.
You should know facts such as:
- Annual Income
- Amount of Cash you have for a down payment*
- Other Home Loans
- Credit Card Balances
- Other Loan Balances (Vehicles, etc.)
- School Loans
- Other factors affecting your income e.g. child support, tax payments, dividends, etc.
*Note: Some first time homebuyer loan programs do not require a down payment.
2. Q: Do I need to be prequalified to purchase a home , lands, or ranch?
A: It is generally a good idea to get prequalified.
Many sellers require a prequalification letter with your offer to purchase . So you should have that readily available when it comes time to make an offer. In general it will make your offer look stronger.
3. Q: What is the cost of prequalification?
A: There is no cost associated with getting prequalified.
4. Q: What is prequalification?
A: Prequalification is where you have spoken to a lender about a possible home loan.
This is when you have spoken to a lender, usually over the phone. You will provide him with the information described above. They in turn will give you an estimate of what they believe you would qualify for if all the information you have is accurate.
IT DOES NOT MEAN YOU ARE QUALIFIED!!
People often think because they are prequalified they can get the loan when they find the home of their dreams. That is not true. At this point in the loan process they have not run a credit check, or verified any of the information you have provided. There may be things on your credit report that are inaccurate or that you have forgotten about that may