Some Highlights
Here are the key milestones you’ll encounter on your path to homeownership.
From building your team, to house hunting, all the way to moving into your new home – it’s an exciting adventure.
Your journey starts here. Connect with a local real estate agent so you have expert guidance each step of the way.
Remember when using Tara Burner as your broker, you also get a free home inspection saving you hundreds of dollars.
Some Highlights
When you head out to buy a home, there are a number of key milestones you’ll encounter along the way.
The process includes everything from building your team and understanding your finances to going house hunting, making an offer, and more.
Your journey starts here. Partner with a real estate professional so you have expert guidance each step of the way.
Some Highlights
Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow.
Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war.
In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.
When you’re ready to move forward after obtaining pre-approval, contact your local real estate professional
-If you’re thinking of buying a home and not sure where to start, you’re not alone.
-Here’s a map with 10 simple steps to follow in the homebuying process.
-Be sure to work with a trusted real estate professional to learn the specific path to take in your local area.
When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the homebuying process.
Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner.
Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive arena like we have today, being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.
Here’s the other thing: if you’re pre-approved, you also have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach.
Freddie Mac sets out the advantages of pre-approval in the My Home section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
Local real estate professionals also have relationships with lenders who can help you through this process, so partnering with a trusted advisor will be key for that introduction. Once you select a lender, you’ll need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac also describes the ‘4 Cs’ that help determine the amount you’ll be qualified to borrow:
While there are still many additional steps you’ll need to take in the homebuying process, it’s clear why pre-approval is always the best place to begin. It’s your chance to gain the competitive edge you may need if you’re serious about owning a home.
Getting started with pre-approval is a great way to begin the homebuying journey. Reach out to a local real estate professional today to make sure you’re on the fastest path to homeownership.
Lay the Groundwork – Collect financial documents, such as bank statements, tax returns, pay stubs, etc. and avoid big purchases until you’ve met with a mortgage professional. Adding to your monthly payments can affect your ability to get a loan. If you can, start saving as early as possible to ensure you have adequate funds for a down payment and moving expenses. These steps will make your loan application process easier and you’ll be able to start house shopping right away.
Work with an agent – An agent will guide you through the process and make sure you are informed every step of the way. In almost all circumstances, the seller pays the real estate commission for both their own agent and the buyer’s agent. This means you get to reap the benefits of working with an agent for no out-of-pocket expense. Whether it’s finding the best mortgage broker or helping you negotiate through a multiple offer situation, your agent will be there to help you succeed.
Communicate Effectively – Ask questions. If something in your contract seems confusing, ask about it before you sign. You don’t want to have questions after you’ve committed. Pick a communication method since there will be a lot of back and forth between you and the team. Finally, be direct with your team and don’t hesitate to speak up if you don’t like something.
Be patient, persistent, and decisive – Buying a home is an important decision. You have to balance patience with your ability to be decisive when you find the right home. Depending on market conditions, your first offer may not get accepted but be persistent. Trust your intuition when you’ve found the right house and go for it!
Be Flexible – Remember, you can always update your home, the neighborhood may change in a few years, or you may decide to move again, so this might not be your final home. Besides your financial capabilities, almost everything else is beyond your control so be flexible with the process.