The number one thing first-time home buyers ask me is: What's the first thing I need to do to start the process of buying my first home?
That's a great question. Unfortunately, I'd say only about half of the buyers I meet ask me that. Most first-time home buyers simply jump in and start looking at properties. In this fast-paced, instant messaging and immediate gratification world where we live, buying a home should not be handled like a fast food meal.
Before you search Redfin or Zillow, before you hop inside your car on a Sunday afternoon to hit the open house circuit, before you do anything in search of your American dream, there is one major step in the home buying process you MUST first make. It is the one thing that will guide you down the realistic path to home ownership. It is the one step that will help you avoid heartache and constant disappointment.
You must get pre-approved for a home loan.
It's that simple. And the best part? It's easy, and it's free. But most important: Getting pre-approved for a mortgage is the most monumental step you will take in the home-buying process.
You may find out that you qualify for a home purchase of up to $850,000 when you thought you'd likely only qualify for $600,000. But maybe you only want to spend $500,000. That's fine. At least you know what you qualify for, and you can begin your extremely well-informed and realistic search. An opportunity may present itself during your search where you decide to invest higher in a property that produces income to help you pay your mortgage.
Imagine if you thought you qualified for $600,000, only to learn you can only purchase up to $450,000? You can avoid the disappointment of that scenario before you set one foot into your first open house.
Everyone gets caught up in the excitement of setting out to buy their first home, but that can set you up for unrealistic dreams and big letdowns. Avoid the foreseeable. Call your lender today, or ask me for a home lender referral.
