As a real estate agent, I often get the question about the first step, from people who are somewhat interested in jumping into the market and becoming a homeowner. Interestingly enough – the first step is one of the most difficult ones for potential future homebuyers for many reasons. I hope this short story will help you better understand, that there is nothing to fear.
So … the first step is ….. to get pre-approved. Yes – I’ve said it. This is, in my opinion the first step you should take and I will explain why and hopefully convince you that there is nothing to worry about.
What does it mean to get pre-approved and why is it so important? It initially means that you would need to talk to a lender (Loan Officer), who would be able to tell you what you can afford. It seems very scary – but it is a very power tool for every potential home buyer.
You need to team up with a RIGHT lender (loan officer) to succeed. Yes, you may go to your bank and ask for a lender there, or you can do it with the online services etc, but is this the best option for you? You are about to make a very important move in your life and you need to be sure that you are surrounded by the best. Maybe someone recommended the right lender to you – and if that is the case – great, let’s work with that lender. But if you do not have any connections yet, – let me connect you with the right person. A person who helped my past clients, who was there to pick up my call when I needed him at 10 p.m. on Saturday. A person who has number of successful stories in his portfolio. Please remember that you can chose whichever lender you want; however, your successful story is my successful story.
Once you talk to a lender he will be able to tell you whether your credit score is high enough to get pre-approved (If not he will work with you on improving the score and will tell you the time frame needed for that – e.g. 3 months). Loan officer will also tell you whether you can qualify for any buyers assistance programs (e.g. grants that would allow you to buy with a possibility of putting $0 money down). You will also find out whether you may qualify for some preferred loans (maybe you are a military veteran, or a spouse of a veteran, or maybe you want to live outside of city limits and may be eligible to purchase with a loan that can finance 100% of the price with $0 money down). Speaking with a loan officer will also re-assure you that your monthly mortgage payments will remain at certain amount.
The bottom line is, whether you are worried about old unpaid bills, not enough income, poor credit score, high monthly mortgage payments, no money for downpayment or anything else – working with the right lender could be a solution to your fear. Perhaps you qualify for a loan that does not need a downpayment, or your credit score could be improved within 2 months, or old unpaid bills are not relevant to your loan etc. I cannot tell you that – but my preferred lender can. On top of that his services are free.
If you are ready to start – please call me at 240-997-7284 or email me email@example.com