The best advice I can give is to get pre-qualified, which is an easy step to get you one foot closer to your dream home. During pre-qualification, the bank will review your credit and income, then draft a cost analysis specific to your price range.
A pre-qualification letter will then be provided, which gives your realtor leverage in contract negotiations. It also gives you, the buyer, more credibility, which is essential in today’s multiple-offer environment, as countless buyers lose out simply because they aren’t pre-qualified or are offering too low of a bid.
Because of the combination of high residential values, historically low rates and a diminishing housing inventory, it is seriously recommended you contact your lender for a financial checkup.
Scenarios in which houses on the market receive multiple offers and subsequently sell above asking price have become the standard.
Contact your bank and give yourself the competitive advantage needed in today’s fast-paced real estate market. (Memphis Business Journal)