Getting started in the home buying process

Some information on getting started in your search for a home, financing, mortgage pre-approval

If you are not sure about your credit-worthiness, you can find out your credit score at www.myFICO.com. They also have information about how the score is determined and some suggestions about how to improve it.

Sellers are looking for pre-approved buyers when considering an offer. They consider the pre-approved buyer's offer more seriously.

With interest rates being low, many people are surprised at how much the lender says they can afford.

Indianapolis Neighborhood Housing Partnership can be reached at 317.925.1400

There are three basic fundamentals to any home purchase.

YOU describe the home you are looking for.
The BANK tells you how much you can afford. (You might actually adjust that amount downward to you own financial comfort level.)
The AGENT tries to locate available properties that meet your criteria and are in your price range.

Some buyers want to start looking at homes for sale and take care of the financing arrangements later. We STRONGLY recommend that you visit your bank or mortgage lender first. We will be happy to send you information about homes available. You can look over homes for sale at this website. But we do expect that our clients will be pre-approved before showing homes.

When you get your pre-approval, you decide how much you really want to spend. For example, a buyer might be pre-approved for $150,000 but after looking over their family’s financial situation, decide to top their home search at $125,000. We do not even need to know the amount of your pre-approval. We only need to confirm that you are pre-approved for the amount you are proposing to spend.

When you talk to a lender, get a written good faith estimate of loan costs (known in the business as a GFE.) Have the lender prepare the GFE for the amount that you are proposing to spend. A home purchase can be complicated enough without having a misunderstanding about terms of a loan.

If you are new to the home buying process, we recommend Home Buyer Education classes. There is an all-day class at Glendale Mall (62nd and Keystone, Indianapolis) offered by Indiana Neighborhood Housing Partnership.

As you build your own understanding of the process, you are better prepared to make important decisions about your home purchase that will impact your family for years to come.

If you have any questions, contact us. We enjoy helping people fulfill their dreams.

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