I work with a lot of first time buyers. I have ones that come thinking they are totally prepared because they have read Home Buying For Dummies and I have ones who just decided to buy on a whim. The thing is the process is different for each and every buyer. No two deals are the same. Buying a house is full of unexpected twists and turns and those twists are what a realtor like myself is here to help you navigate.
There are some basic steps to the process though and the first one is key to starting out on the right foot.
The First Step – Identify a Lender or Mortgage Broker
I will help you find a house that meets your needs and a whole slew of steps come up in that process but a lender will help you get started by telling you how much house you can afford. They are full of other interesting pieces of information like how much closing costs will be and if you need to think about paying things like up front mortgage insurance. These amounts and options change depending on your credit, your income, how much of a down payment you have so it is always best to run scenarios through with a lender before falling in love with a house you can’t quite afford. Or lately with interest rates so low clients have been able to afford more of a house than they expected. Pleasant surprise!
It is good to start building a relationship with a lender prior to starting to look. They can confirm your credit is in good standing and help you strategize to clean it up if need be. I have had clients start working with a lender a year prior to buying sometimes although sometimes when you are ready to go it can all fall into place in a matter of a couple days.
Once you have a firm understanding of how your payments work and are comfortable with the pricing we can hit the pavement with a preapproval letter in hand ready to write an offer on your dream home!
Feel free to call me if you are thinking about getting started and I would happily refer you to one of the lenders that has done a top notch job for a previous client.
Emily Chaney – Kentwood Real Estate – Emily@DenverRealEstate.com – 303-564-3534