Issue link: https://nest.uberflip.com/i/1092952
Getting a pre-approval doesn't just ensure you will have a better shot at competing with other buyers—it can also help you stay true to your budget. Because a pre- approval sets a maximum amount that a lender will give, it restricts consumers from buying a home outside their price range. Shop around for the right lender Rising mortgage rates have cut into the refinancing business—and to make up for that lost revenue, lenders are competing more to attract home buyers. Not all lenders are increasing rates at the same rate, they have different strategies. Look at multiple lenders and compare their fees. Often times you may be able to negotiate lower costs for services like the home appraisal. Don't expect a computer to do all the work for you Don't be overly reliant on online searches, in hot markets such as Seattle, listings may be scooped up before they are even posted online. As a result, most housing experts suggest working with a real-estate agent throughout the process. Real-estate agents do more than just help find a potential home. A seasoned realtor can tell you what the local tax rate is and give you a sense of what insurance costs, plus the buyer does not pay the commission to the real estate agent the seller does, so there is really no reason not to work with an agent.