Source: http://www.viewmybuild.com/Buying a home can be a daunting task, especially when considering this is the largest purchase most individuals will ever make.  Therefore, reducing the financial burden of a purchase of this magnitude is something every homeowner welcomes.  This brief report will cover 5 ways to save you money on the purchase of your next home before, during, and after the closing process.

#1.  Be a Strong Buyer – Get Pre-Approved!!

When submitting an offer on a home it is important to make it stand out from the competition.  By getting pre-approved for a loan prior to submitting any offers you will instantly make yourself a stronger buyer in the real estate market.  Once you are pre-approved you will have a letter from your lender stating how much money you are qualified to borrow.  Being pre-approved is not the same as being pre-qualified, which merely states an amount that you might be able to borrow. 

It is important to find out the highest amount that you are pre-approved to borrow, and then look at homes only in your price range.  There’s no sense in falling in love with a home that doesn’t agree with your finances.  When you are ready to submit an offer, include a copy of your pre-approval letter.  Sellers will favor offers that have a firm financial backing rather than offers with none. 

If you plan to make an offer that is below your pre approved amount, request a second letter from your lender in the amount of your offer.  Your lender should have no problems doing this since you are already approved for a larger amount.  When a seller sees your offer and a pre approval letter for the same amount, the seller is less likely to ask for a higher price.  In the seller’s eyes you are making your highest offer.  This tip alone can save you thousands on the purchase of your next home.

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