2022 Boise Idaho Real Estate Blog

What is the most important step when buying a new home in Idaho, currently?

Main Idaho Real Estate Insights

If you are thinking about buying a new home in Idaho but don't have a home loan pre-approval letter in hand yet, you might want to consider taking this step first. If you are paying cash, consider having proof of funds available as part of making an offer

Boise Idaho Homes for Sale

As most know, the number of home buyers significantly out-numbers the number of available homes for sale in Metro Boise. This has created a competitive marketplace where home buyers often need to make a solid and compelling offer to get the seller's attention and ultimately an accepted offer.

One way to show you are serious about buying a new home is to get pre-qualified or pre-approved for a home loan before starting your home search. This actually becomes part of your offer showing proof that you are capable of buying the home and that you are serious about buying a house.

It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. A Pre-approval Letter will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets. 

When selecting a home loan company, it is recommended to work with a local company and local home loan professional. Complications can arise during the process and the ability to have 'boots on the ground' solving it, is to your advantage. Plus it can be comforting, if or when that moment arrives, which is not out of the question. Once you have selected a mortgage lender, you will need to fill out their loan application and provide them with the information regarding your credit reporting, debt, income, work history, down payment and housing history.

To get a home loan, your, Home Loan Professional will ask for four pieces of information

  1. Capacity: This looks at your current and future ability to make your payments based on your job history and income
  2. Capital or cash reserves: This is the money, savings, and investments you have that can be sold quickly for cash if needed.
  3. Collateral: The property that you would like to purchase is most often be the collateral the bank will use which considering your loan approval. 
  4. Credit: What is your history of paying bills and other debts on time? 

Getting pre-approved for a home loan is one of the most important steps in the home buying process in a competitive market. It will show home sellers that you are serious about buying, and will ensure you have the best chance and getting your offer accepted. 

If you considering buying a home in Idaho, it is highly recommended to start by getting your home loan pre-approval so that you will be ready to make your offer when your ideal home pops up on the market

Click here to start your Idaho home search!

Posted by tlangford at 9/25/2017 9:42:00 PM

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