To improve your bargaining position, you should get your loan squared away early. Proof that you are financially qualified to purchase the home greatly increases the odds that the seller will accept your offer. In some cases, sellers will even choose one offer over another because they are confident the buyers can perform financially.

We suggest you talk with several lenders because every lender institution has different loan packages, rates, and qualification criteria. Good lenders act as loan counselors. They will ask you questions to learn your financial situation and then recommend he loan programs that best suit your needs.

Once you pick a lender, go ahead and start the loan process. Give the lender all the information they ask for plus permission to run credit checks. With this data, the lender can provide a letter indicating you are pre-qualified for a loan and have credit approval.

If you are serious about buying a home, I suggest you take this one step further and get pre-approved for a loan. This involves submitting a written loan application and lets the lender go ahead with the loan underwriting process. If you are self-employed or work on commissions, you may have to show your tax returns. Being pre-approved for a loan elevates you to the level of a cash buyer in the eyes of the seller. This can give you a distinct advantage over another buyer who is interested in the same property.

If you need help contacting a lender, we can recommend some to you. Contact us at info@dcmetropolitanhomes.com for more information.