First Steps to buying a home
First Steps to Buying a Home – I want to buy a home, what’s the first step? We often get this question. The first step is to contact a local agent, like us. Get a referral to a good local lender. Why local? Let’s just say if it’s someone we’ve worked with in the past, we know their track record and know it can get closed. A buyer recently came to me after going on-line to a service that contacts 30 lenders on her behalf and was overwhelmed with it. I gave her a number to a trusted professional and it made the stress go away. A local lender is also important because with some of the big banks, your file is just another number. Having a good relationship with the lender is important to help make sure your loan gets closed on time. Just this week, we had a buyer that chose to go with Chase. It was their prerogative. We closed 24 days late.
Once you get the referral to a good mortgage lender, you will contact them to get pre-approved.
The lender can give you a heads up on any red flags on your credit report. We want to make sure that there isn’t anything there that will prevent you from getting a mortgage
Do you think that if it’s not on your credit report, it doesn’t matter? Think again. We had a buyer whose credit was fine. But, he had a couple of non-sufficient funds (NSF) showing on his bank statement. The loan was not approved. Paying rent on time, paying all your bills on time and showing that you are responsible with your money all matter.
With your pre-approval in your hands, the world is yours! (To a certain extent anyway) The pre-approval amount gives you a starting point on the price range you should be looking in or under. Then the search for your dream home begins.
The next step is to figure out an area where you want to live and what homes are available in that area. Your agent can set up a listing alert with homes that match your criteria.
As you are driving around, you might see a house that intrigues you. Get instant info by using our mobile app to get up to the minute info. Check out our Mobile App We can also set up a customized searches that gives you updates on homes that fit your search criteria.