Harrisburg PA Homes for Sale Blog: How to Buy a House in Harrisburg PA - Step 2 - Get a Pre-Approval!

This is a real estate blog with lots of community information, homes for sale in Harrisburg and Hershey, new construction tips, info for selling your home, and help for first time home buyers.

How to Buy a House in Harrisburg PA - Step 2 - Get a Pre-Approval!

How to Buy a House in Harrisburg PA - Step 2 - Get a Pre-Approval!    Get Qualified! May I suggest you contact a mortgage lender. I highly recommend  Chris Blouch with GMH Mortgage @ 717 813-9668. I have been working with Chris for over 7 years, and he has proven to have great rates, but more importantly a trust-worthy attitude.

In order to consider how to buy a house, you must first determine how much you can spend. You can be qualified over the phone in 5 minutes and approved within 24 hours with a written mortgage commitment. You then can act as a "cash buyer".

Man holding cash in his hand

 

A short conversation with our lender will give you your exact price range parameters, which will knock out your second step in how to buy a house. He can explain the mortgage programs available to you, and give a very precise estimate as to closing costs and down payments that would be applicable to the price range. This will also give you the exact down payment amount needed to determine how to buy a house.

Pre-Approval versus Pre-Qualification: What could be more comforting when considering how to buy a house, than the peace of mind that goes with knowing your mortgage is fully approved? If you want to know how to buy a house with strength, you will have a greatly improved negotiating position when you are pre-approved for a mortgage. Sellers are more apt to negotiate with someone who already has a mortgage approval in hand. The pre-approval letter lets the seller know they are working with a serious buyer. A pre-approved buyer can also close on a property more quickly - another major consideration for a motivated seller. Obtaining a pre-approved mortgage is essential in a "sellers' market", or where supply is limited.

Pre-approval uses basic information as well as electronic credit reporting. It is a true mortgage commitment, which means a commitment to financing your future home and an indication of the total mortgage amount available to you. Mortgage lenders can help you through the pre-approval process.  Pre-qualification, on the other hand, is not the best advice for people looking to learn how to buy a house. It is not a full mortgage approval, but an estimate of what you can afford. When you pre-qualify for a mortgage, the lender collects basic information regarding your income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount.

Documents Needed to Apply for a Mortgage  Another step in learning how to buy a house, is to apply for a mortgage.  You will need to furnish information regarding your income, expenses and obligations. It will save time if you have the following items available:  

• W-2 forms for the last two years

• Federal tax returns for the last two years

• Last two months' bank statements

• Long-term debt information (credit cards, child support, auto loans, installment debt, etc.)

Note: when considering how to buy a house, it is in your best interests to keep your credit report in good standing. Here are some helpful hints for your credit report:

 • Never go over 90 days past due on any accounts

• Keep your credit card debt below 50% of your monthly obligations

• If paying bills after the due date, always pay within the grace period

How to Buy a House in Harrisburg PA - Get a Pre-Approval -  is one of the most important steps. I can help you with this process. Contact me immediately to help you throughout the home-buying process. It is a wonderful journey, if done correctly. Ken Huebsch 717 514-1793 or Ken@KensHomesales.com

 

 

Harrisburg PA Real Estate Expert

Ken Huebsch: Your premier real estate agent in the Greater Harrisburg area.  I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown.  My wife Leslye and I have a combined 40+ years' experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you.  We are dedicated professionals and are here for your success. 

For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call.  Also, check out what our fabulous clients have to say about us on our testimonials page!

 

Cell: (717) 514-1793            Email: Ken@KensHomesales.com

 

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Comment balloon 2 commentsKen and Leslye Huebsch • May 07 2011 09:53AM

Comments

Ken, Leslye: This is such excellent advice! In my area, sellers won't even consider a buyer as serious withour a pre-approval.

Your series on How to Buy a House in Harrisburg is very well done, and very informative. Your buyers can count on you to represent them very well!

I'll check back for more in the series!

Posted by Julissa Jumper, Fayetteville, NC Real Estate (Select Properties of Fayetteville, LLC) over 7 years ago

Julissa, Thanks so much. This seems to be a topic not just for first-time buyers. People forget when it's not fresh in their minds!

Posted by Ken and Leslye Huebsch, Realtors - Harrisburg Homes for Sale 717.514.1793 (3x Individual Agent of the Year, Luxury Homes, First-Time Buyers, Residential Resales, New Construction) over 7 years ago

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