STEP 1 – GET PRE-APPROVED FOR FINANCING
It is very risky to sign a contract to sell your home before you know if you are qualified to buy another. If your financial circumstances have changed since your last purchase, you may not qualify for another loan, or the market may not provide a price that will allow you to determine you to buy the type of replacement home you want. The last thing you want is to end up renting or buying something that was far from ideal.
Before you decide to sell the house, get pre-approved by a Mortgage Broker and/or Lender you trust and research the housing market in the area where you wish to live so that you have a good idea how much it will take to buy a replacement.
Finding the right loan and lender is crucial to your home buying success. It is up to you to determine which lender is best for your needs, and it is always a good idea to have at least a bit of background about the loan process before you talk to a lender. Think of a Mortgage Broker as a ‘Buffer’ between you and the Lending Institutes.