Why Financing Comes First
Contrary to popular belief, the first step in buying a home is not looking at new home listings or open houses. Real estate experts agree that the real first step towards serious home buying is to speak to a lender about getting a mortgage.
Although it may not sound like the most exciting way to start your search for your dream home, it’s essential to creating the road map for the journey ahead. It’ll also tell you what you can realistically. Knowing what you qualify to purchase is the most important step, as it will dictate the direction of your house hunt. This crucial step gives you purchasing power and tells real estate agents and sellers alike that you’re serious about making this next step.
Pre-Qualification or Pre-Approval
Even if you’re still in the browsing part of your home search, you should still seek mortgage information. At the very least, you can qualify for mortgage pre-qualification which provides you with a general idea of your purchasing power. However, this type of general qualification does not promise a loan. If you’re more serious about purchasing a home soon, then a better option is to apply for loan pre-approval. This is where a lender will perform an in-depth look at your finances to provide you with a promise for a loan of a certain size.
While this process can be tedious, it’s something that any prospective buyer must go through at some point or another during their house hunt. Taking the time to look in to your financial profile and understand what you qualify for and how you can improve your chances of a better loan option will only help ease the process of putting in an offer on the home you want.
Getting Started
If you’re ready to begin this process, I can help. With connections to reliable mortgage brokers and loan officers, I can connect you to the right service providers. Together, I can help you through the home buying process from start to finish. Once you know your budget, and the area within South Orange County you’re interested in moving too, we can then devise a house hunting strategy to find your new home. With more than 17 years in the South Orange County market, I can find the home that's right for you. Contact me today to learn more about the financing process and begin your house hunt on the right foot.
To learn more about the financing process, click here.