1. Realtor.com

Tour de Force: Don’t Make These 10 Huge House-Hunting Mistakes

Nothing screams “I’m not really serious” like going to look at houses without being pre-approved for a mortgage, says Sam Harris, an agent with Massada Home Sales in Brooklyn, NY.

That’s because a seller is unlikely to entertain an offer without a pre-approval. And in hot markets, that means you can kiss your chance at a promising property goodbye—there are plenty of other buyers with pre-approvals in hand.

In addition to improving your odds of making a winning offer, a pre-approval also lets you know exactly how much mortgage you qualify for, so that you won’t waste time looking at properties you can’t afford.

 

2. thelendersnetwork.com

26 First Time Home Buyer Tips from the Nation’s Top Realtors & Brokers

Know Your Budget and Factor in All Housing Expenses Sam Harris, Massada Home Sales.

“In this market, you have to be ready to move decisively to secure a home. If you are viewing homes within a certain price range (based on a pre-approval for example), there are still differentials that may make the mortgage payments different. You have to calculate payments including property taxes, mortgage insurance, and other expenses like water, electricity etc. Get a number that you will be comfortable with so when the time comes to placing an offer, you are ready to go.”