Tight continued from page 8 you an idea of how much you can borrow and provides you an advance look at the loan program. While going through the prequalification process, share with your lender your budget and the amount you feel you can comfortably afford. This will give you the advantage while looking for a home and help set your expectations of how you will pay for the home in the future. Prequalification will also make the loan process go faster and smoother because the lender has your information. And sellers will take you more seriously, especially if they are receiving multiple offers. How to get prequalified? Most lenders have an online form or application that will start the process. Or you can call to make an appointment to get the prequalification started. You will need to be honest with your lender about your finances and responsive to the requests for additional information. You should be prepared with tax returns, W2s, bank statements, employer names and addresses, and current housing information. And, again, you will want to share your budget and anticipated payment amount. This will help your lender determine the right prequalification range for you. Contact a realtor and stay connected with them. Actually this goes both ways. Your agent should be in close contact with Need A Plumber Now? Quality Work At A Fair Price... KEVIN’S PLUMBING SERVICE, LLC In Business Since 1994 Kevin Zavadil ~ Cell 605.661.2894 10 TODAY’S HOME - Spring 2016 you regarding new listings, price changes or other listing ideas. Be ready to move quickly. Be ready to look at a house as soon as it hits the market – if it’s a great home, it will not last long. Realtors can also set a price on a home the minute they walk in the door. They also know how well a neighborhood holds its value. Realtors also have a good idea of what you are looking for and they won’t waste your time looking at houses that won’t work for you. The realtor takes care of the paperwork. If repairs are needed, the realtor will help you identify those issues and recommend a home inspector. They will also take care of the offers and counteroffers and work within the time frames. Realtors are liaisons between the buyer and seller and can take care of all those details. Watch the newspapers, realtors’ websites and drive through neighborhoods that you feel you would like to live. If you see a home you like, text or phone your Real Estate agent the address. Your real estate agent can work on scheduling a showing or get more details for you. Make a decision. A new house is an important decision. And in a tight market, you may have to move quickly. That is why it is important to do your homework and make some decisions ahead of time. The first step is to define what you need and list out the wants that you would like. The needs would be the number of bathrooms, bedrooms, dining area and garage stalls you need or will need for your family. The wants would be the extra bedrooms, fireplace, patio, built in home theater, etc. Then go through the process of what you could live without based on this information. This will help you once you are looking at houses. And with the inventory of houses being tight, there may be competition for homes – so the more you know up front, the easier making the decision to put an offer in on the home will be. Location can also be a determining factor in buying a house. With making your decision some compromises might come as well. Aside from buying a smaller or less desirable home, you might also consider buying in a different location or neighborhood. If it is the house you want, make an offer. Remember if this is a new listing or even if it isn’t, because of the tight market, others may be looking at making an offer on the listing as well. So make sure your offer is a strong offer – you don’t want to start offering the absolute highest price you can afford, but you don’t want to go too low either. In a tight market you may lose out. We can help answer any mortgage or prequalification questions you have, please contact Sandy Brown, 6245555; Gloria Bohn, 665-4951; or Mary Pfeiffer, 655-7579 at First Dakota National Bank. Or go to FirstDakota.com to complete our prequalification application. Editorial provided by First Dakota