Are you getting an itch to start looking for a new home? I'm sure you won't be surprised to hear me say it's a good time, but what should be your first step?
If your time is valuable to you, the very first thing you need to do is talk to a lender to get pre-approved. Why? Because if you don't have a true picture of what you can afford, you are likely to waste your time looking at places you really can't afford.
So, where do you find the right lender? I strongly recommend that you talk to more than one. There are two types of loan officers, bankers and brokers. Bankers work for (no surprise here) banks or other lending institutions. Brokers do not normally work for just one institution. Instead, they have ties with several lenders and will shop around to find you a loan program that best suits your particular needs.
You can start your search for a lender by going to your current bank or credit union, if you are generally pleased with their service and products. Of course, Realtors are a good source for referrals because we work with lenders all the time and can tell you which ones have served us well in the past. Call me and I will give you names and numbers for several reputable, reliable lenders.
You can also ask friends and relatives for referrals, especially if they have recently purchased a home themselves.
When you contact a lender, specify that you want to be pre-approved, not just pre-qualified. Pre-qualification merely gives you a rough idea of the amount for which you may qualify. Pre-approval indicates that the lender has verified your income/assets, employment and credit and is prepared to underwrite your loan. Any offer you write on a home will require a letter of pre-approval from a lender, so you may as well get this step out of the way before you even begin your search. Pre-approval is generally quick and easy, and the lender will tell you exactly what information he needs from you in order complete the process.
Need more information about how to search for your new home? Give me a call for a no-pressure, no-hassle consultation. 206-708-9800.
Single adults face unique challenges when buying and selling a home. I know because I've done it myself, & a significant portion of my clients are single. This blog provides news & information you need to help you achieve your real estate goals. Alice Kuder, REALTOR®, Green. Prudential Northwest Realty Associates, Seattle, WA
1 comment:
Good to see such articles. As a Toronto realtor I can see how many new buyers have absolutely no idea what does it mean "to buy a house" I am happy to explain it, but still, I believe young people should get much more lessons about practical financial life in school. Because these decisions are very important in life and non educated people can sometimes make a very bad decision and it's also an ideal place for fraudsters...
Take care
Elli
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