The absolute first step in the home buying process is to meet with a lender and get pre-approved. While this is not the most exciting part of buying a home – and for some it might be the scariest – it truly is the most important part.
There are several reasons why this is your first stop on the home buying journey:
- You need to know how much you are qualified to buy so that you look at homes within your budget
- You will know what loan programs are available to you and the pros/cons of each
- You will need to know the estimated costs to close including down payment and closing costs
- You will know what your monthly mortgage payment will be at different price points
- When writing an offer, you will need a pre-approval letter in-hand as part of your offer
- Once under contract, you’ll need to move quickly with your lender to lock into your interest rate
We work with some of the most reliable lenders in the area and are happy to make a recommendation if you are not already working with a lender.
It is important to know that the home buying process moves at a quick pace and you will want to be working with a lender that is reachable and easy to communicate with, as well as able to meet market-driven timelines. With choices between large banks, local lenders, credit unions and mortgage brokers – we can help you understand the benefits and pitfalls of working with each type of lender.