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Getting Started With Buying

Regardless of whether you’re a first-time home buyer or not, there are a few things we need to take care of before we can begin the process of buying a home. Getting pre-qualified should be the first stop, and it’s easy to do online. Taking this step will ensure that the properties you look for in a search will be within your budget, and it will also help add legitimacy to any offers you make. If you don’t already have a lender you want to work with, let me know, and I can recommend a lender I trust and prefer.

Most of my business is based on referrals, and you can review my references across my website and on other platforms such as Realtor.com, Facebook, and more. I’ll address how to buy smart, why resale is an important consideration in the purchase, the hidden costs, your PITI along with the steps of the process.

To get the ball rolling, contact me, and I’ll set up an appointment so we can get started.

Approved

Pre-Qualification vs. Pre-Approval

Loan Pre-Qualification

  • Often seen as the first step in the buying process
  • Typically doesn’t require a credit check (a hard inquiry against your credit)
  • Typically involves a self-reported overview of your finances
  • Lender will provide an estimate on what you likely qualify for in a home loan
  • Not a guarantee that you’ll receive a loan from the lender

Loan Pre-Approval

  • Often seen as the second step in the buying process
  • Typically requires a credit check (a hard inquiry against your credit)
  • Typically requires verification of your income, assets and debts
  • Lender will provide an estimate on what you qualify for in a home loan
  • Not a guarantee that you’ll receive a loan from the lender

Note: Different lenders have different ways of handling both of these types of checks. You should always verify with your lender on exactly how they define “pre-qualification” or “pre-approval” to ensure you’re aware of what’s involved and whether or not it requires a credit check.

Loan Approval

Both of these steps lead towards the eventual loan approval you’ll need to receive from your lender while negotiations, inspections, and other activities are underway. Working with a skilled realtor will ensure that each step of the process is easy to digest and that you understand all of the moving pieces. If you’re thinking about whether or not now is the right time for you to buy a home, contact me and we can discuss what makes sense for you and your current situation.

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