Searching for a great home means searching for a great lender.
Interested in buying a home but aren’t sure about where to start? Talk to a lender first, before looking at any houses. I know, I’m sending you somewhere else other than me! It’s important to have a budget so the home search is narrowed down to homes you can afford.
A lender will ask for some basic information to be filled out in an online application. This is the absolute first step to buying a home! Do not skip this step!
Basic information will include income and any debts you have (like a car payment, rent, or student loans), and they will run a credit check. The better the credit, the better deal you’ll get on your loan!
If you’re worried about mistakes you’ve made in the past or are working to repair your credit, a lender can also help direct you on where to focus first to get the fastest and best results at raising your credit score. I always say that bad news doesn’t get better with time. If you want to raise your score, there’s no better time to start than today!
Once the application is filled out and the numbers are run, a lender will provide a pre-qualification letter and shopping may commence!
Any offer submitted must have that pre-qualification letter attached to be considered by the seller. So you really need that letter in hand when looking at homes so you don’t miss an offer deadline waiting for the letter!
Assemble Your Team.
Your realtor and lender make up part of your home buying team. They will work together to make sure you can qualify for, and purchase, the home you want. Often they will communicate during offer submittals and negotiations to ensure the offer made is within the means of the buyer.
Then you’ll join your trusted local realtor (hopefully, that’s me!) in searching for homes for sale, which can be the fun part!
That is a lot to think about.
I have your lender fears covered.
Check out this interview with Austin Foss, a local lender here in Central Texas.