How early should a Buyer apply for a mortgage when looking for a house?
It doesn’t hurt to meet with lenders, whether it is a bank, mortgage broker or mortgage banker, before you enter into a real estate contract. In fact, educating yourself about the costs of financing a home often may help you determine how much of a house you can afford. Pre-qualifying for a mortgage is also a good idea because (i) Seller’s will be more comfortable entering into a contract with a pre-approved Buyer (which may be the “clincher” that “gets you the deal” over a competing buyer) and (ii) standard residential contracts only afford the Buyer approximately 5 days following the execution of the contract in which to apply for a loan and 30 days in which to receive final approval and/or loan commitment from the lender. Question: Does a Seller have to make all the repairs listed under the Buyer’s Inspection Report? Answer: The terms of the Contract will provide the answer. The Buyer should employ a licensed inspection company to inspect the property and prepare a written inspectio