It seems many home buyers feel they already have a “good enough” idea of what amount of mortgage they qualify for, so they don’t feel the need to consult a mortgage professional in advance of their home search. Or they use some quickie online tool that helps tell them what they are qualified for, which are really not thorough enough and don’t take into account all the complicated new rules.
And some people have champagne taste and are on a beer budget, and need to be careful in determining how much they can afford to spend on a home.
I can’t say this loudly enough, DON’T WASTE YOUR TIME OR YOUR REALTOR’S TIME looking at a single home until you have had your finances thoroughly analyzed by a seasoned mortgage professional. And here is why: Read the rest of this entry »