Are you or someone you know thinking of buying a home?? Well, let's get right down to it and make sure you know what comes FIRST when looking into the process.
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Before looking at homes, before deciding on a Realtor, before walking up and peering in someone's window...Go talk to a Mortgage Lender! This is so important to get done very early on in the process of purchasing a home. Many Realtors require that you have a Pre-Approval Letter available for them before they begin showing you property. While this may seem a bit annoying, think of it from our perspective. We could spend days, weeks, or months showing you properties all over creation, and then come to find out something is not quite right with your credit and you can't purchase a home for 6 months!! That is a lot of wasted time for the agent, for you as the buyer looking at homes that probably won't be available in 6 months, and for the sellers who had to get their home ready and get out so that you could view it.
When you sit down with the mortgage lender, they will be able to tell you how much of a home you can afford. They'll be able to break down monthly payments for you based on different price levels to make sure you feel comfortable with the price range that you are in. You may be able to afford a $250,000 home, but wouldn't want to spend that much on a monthly payment. So, it's best to lay it out and get a few details before looking at homes that you really would rather not purchase.
Once you have had the appropriate discussions with the lender, get a copy of the Pre-Approval Letter and find the Realtor that you would like to work with! Then, it's time to find the home of your dreams!
Just remember, First Things First: Talk to at least one Mortgage Lender BEFORE looking at homes! It makes the process easier for everyone involved and ensures you a much better experience!
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