It’s important to talk with a lender as soon as possible, whether you’re 3 or 12 months away from purchasing a property. This will help you understand your buying power.
Building relationships is key in this business. It can help you reach your house hack goals, and give you a good reality check on your buying power.
While talking with your lender, you will want to get a pre-approval. There’s a big difference between pre-approval and pre-qualification. Pre-qualification is just a rough estimate based on high-level details, while pre-approval requires a deep dive into your history (paystubs, tax returns, credit card debt, etc.). This can reveal both good and not-so-good things, so it’s important to have a reality check.
Avoid relying solely on Google to see what you can qualify for. This is what we call “garbage in, garbage out.”
If you need a recommendation for an investment-friendly lender, consider connecting with Troy Howell at Nova Home Loans.
Contact information for Troy Howell: