When it comes to buying a home, one of the most important things that you can do is get preapproved for a home loan before you start shopping for a home. Most people in the real estate profession recommend this to all of their buyer clients. The purpose of this video today is to remind you that when you get preapproved for a loan, that preapproval was based on a specific price. I will give you an example below:

If your lender reapproved you for a $300,000 loan when the interest rates were 6.5% on a 30 year term you would have a monthly payment of $1,896.20.

If the interest rate increased from 6.5% to 7%, the loan amount that you qualify will change from a $300,000 loan to a loan of $285,000. This is the reason that if the interest rates go up, you should have your lender update your preapproval letter because your price range will have changed. The above figures and calculations are for example purposes only.

If you are wanting to buy a home anywhere in the U.S. and if you would like so help, just let us know and we are happy to connect you with a prescreened real estate professional anywhere in the country. If you are looking to buy or sell in Central Ohio, that is our service area and it would be our pleasure to help you.

Thanks for watching!

Sam Miller
REMAX STARS Realty
710 South Main Street
Mount Vernon, Ohio 43050
Call 7403977800
http://www.SamMillerSells.com