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1. Pre-Qualification:
Meet with a mortgage broker/banker and find out how much you can afford to pay for a home.
Pre-Approval:
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range.
With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
2. List of Needs & Wants:
Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
3. Representation by a Professional:
Consider hiring your own real estate agent, one who is working for you, the buyer.
Feel free to contact us for your free, no-obligation buyer consultation: 310.598.8940 | 949.393.1411 or info@jkgre.com
