You want to make the jump from real estate browser to home buyer. But where do you start? The home buying process isn't something they teach you in high school or even university.So in order to clear up the confusion and give you some wisdom, I've created a roundup of what’s involved in purchasing a home.
Pre-approval
Before you make another move, meet with a mortgage professional and get your mortgage pre- approval in order. Some agents and sellers won’t give you the time of day unless you have pre-approval.” Having this bit of preparation gives you a reality check on exactly how much you can borrow.
A mortgage professional will want some basic financial information about your income, debts and savings before providing a pre-approval letter. He or she will also run your credit score. At this stage, there isn't a need to shop around for the best loan terms because you haven't found a home and a lender isn't going to lock in an interest rate. The bank’s ‘offer’ is typically good for 90 days.You are not under any obligation to obtain your loan from the lender that provided a pre-approval letter.
Finding A Buyer’s Agent
It’s not difficult to find a real estate agent. Their uncanny smiling faces are plastered on billboards, benches, shopping carts, and just about anywhere else one can buy advertising space. Your goal is to find an exclusive buyer agent, one who is knowledgeable about market conditions in the areas you're interested in, able to communicate and willing to give you the time of day. Not all real estate agents are the same and not all real estate agents are 100 percent loyal to home buyers. Take the time to set up an in-person meeting to meet an experienced buyer agent.
