Determine Your Budget
One of the first steps to take when buying a home is to establish a home purchasing budget. A budget serves as the basis for the home search, from location to size to home model. This will save you time. With a budget in mind, a REALTOR can quickly identify homes that will properly meet your needs. Your REALTOR can also assist you in determining your budget.
The next step in becoming a serious home shopper is getting pre-approved for a mortgage loan. Now that you’ve chosen your REALTOR, ask them what lenders they recommend. Nearly 9 out of 10 homes are purchased with financing, so a REALTOR will know plenty of lenders. Lenders may be a bank, mortgage company, credit union, or private lender. Having pre-approval means a loan officer has run a credit check, reviewed credit history and believes the buyer can be approved for a loan almost instantly. Besides speeding up the shopping and closing process, this makes the financial transaction easier and less stressful. Contact a REALTOR or lender to get pre-approved today.