Do I have to get pre-approved before I look at possible homes to purchase?

Veronica, That's a Great question. Generally it is best to be fully Pre-Approved before you start shopping so you can know what price range to tell your agent to shop for you.

It is always a good idea to get pre approved with a lender to find out how much home you qualify to purchase. A realtor will more than likely ask if you are currently working with a lender. You typically would be talking with a lender before a realtor to verify your credit and your loan qualifications and loan options.

Yes, I would advise it. I can do a free prequel for you if you are seeking a home mortgage in one of the states my company lends in. It is fast and you will know how much home you can afford and will be ready to move forward with a contract on a home if you find one. Most agents will require a pre-qual letter before searching with them. Also, they are valid for around 60-90 days on average. contact me for more info: jabennett2@mtb.com

You should definitely get pre-approved for financing before you ever talk to an agent.. most agents wont even send you a list or show you any properties until they know you can get financing. Also, if you were to find a property and you wanted to submit an offer, your offer will get no consideration if it's not accompanied with a pre qualification letter from a lender. And, if you go see a lender now, it's possible you might need to take care of a few items before he can get you approved.. by going in before hand, you have time to work on any credit deficiencies that need to be addressed. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347