Get pre-qualified with a lender
This means you talk to a lender before doing anything else. By speaking with the lender, you’ll know exactly what you can go and purchase. You don’t waste anyone’s time, including yourself. The last thing you want to happen is going out and looking at properties to find the perfect place. A place you can see yourself growing old in; raising a family there. Then you talk to a lender and it turns out, you can’t afford it. That’s a scenario you don’t want.
As a real estate agent, I’ve made this mistake with many buyers and it happens more often than you think. Don’t do it. It’s absolutely heartbreaking. Talk to a real estate agent; for example, they may want you to have a loan in place before you start looking. It’s perfectly normal and it’s better in the long and short run!
Do not start looking at the property until you’ve spoken to a lender.
And secondly, the good thing about getting pre-qualified first before going and looking at a property is that when you do eventually find the right place, you already have everything waiting with the lenders so that you can hit the ground running. I found that anytime you find a great property, chances are you’re not the only one that’s looking at it. You’re going to be competing with other people who feel the exact same way as you do about it. But having everything with the lender gives you a small advantage over everyone else. They maybe haven’t done that yet. And anytime you find a good deal, timeliness really matters because you can move on it quicker. And the better the deal you’re going to get.
Find the Perfect Agent
Find the Perfect Agent
Tell us anything
Home Buyers and Sellers - Agent Search
What are you interested in?
Have you been involved with the sale of a home before?
How many times have you moved in the last 5 years?
Do you often:
I prefer to work with someone between the ages of:
What's your ethnicity?
What best describes your religious beliefs or spirituality?
How important is... dependability - On a scale of 1 to 9 (1 = Not Much, 9 = A Lot)
How important is... Enjoying the way I feel around people - On a scale of 1 to 9 (1 = Not Much, 9 = A Lot)
How important is... one-on-one compatibility - On a scale of 1 to 9 (1 = Not Much, 9 = A Lot)
How important is... My friendship between me and other people I meet - On a scale of 1 to 9 (1 = Not Much, 9 = A Lot)
How important is... Enjoying working with people - On a scale of 1 to 9 (1 = Not Much, 9 = A Lot)
How well does this describe you in life?
I do things according to a plan - On a scale of 1 to 9 (1= not at all, 9=very much so)
I take time out for others - On a scale of 1 to 9 (1= not at all, 9=very much so)
I feel unable to deal with things - On a scale of 1 to 9 (1= not at all, 9=very much so)
I love to help others - On a scale of 1 to 9 (1= not at all, 9=very much so)
I seek adventure - On a scale of 1 to 9 (1= not at all, 9=very much so)
I often leave a mess in my space - On a scale of 1 to 9 (1= not at all, 9=very much so)
I often carry the conversation to a higher level - On a scale of 1 to 9 (1= not at all, 9=very much so)
I get stressed out easily - On a scale of 1 to 9 (1= not at all, 9=very much so)
I often make others feel good - On a scale of 1 to 9 (1= not at all, 9=very much so)
I am good at analyzing problems - On a scale of 1 to 9 (1= not at all, 9=very much so)
Tell us more about the home:
What is your Target Price Range?
How Many Bedrooms?
How Many Bathrooms?
Are you PreQualified?
What is your email address?
What is your phone number? (will not be shared with anyone)
What is your name?
What is your CURRENT Zip code?
What ZIP Code are you moving to?
Write anything you think we should know
I want this article to be the most comprehensive, complete guide and not one of these generic articles. This is going to have all the details you need and have things to keep in mind when speaking with a lender. They are going to want certain things from you like tax returns credit info, etc. let;s talk about a few of those things now.
A lender is going to want to look at your full credit report and score. And in addition to that, they’re going to want to see the last two to six months of your bank statements showing proof of income and also proof of your expenses. They’re going to want to see your pay stubs. In addition to that, they’re going to want two to six months of expenses saved up in addition to your down payment. Any other documentation for other properties you own, any other liabilities, any other assets you have, or anything else that’s part of your portfolio. They’re going to want to see proof and documentation of everything.
Keep in mind if you’re self-employed, they look at you way more closely. They look at every single account, every single expense, line by line by line. Keep that in mind. So now we’ve covered how much money you need to put down, how to work on your credits, paying off high-interest debt, and then getting pre-qualified. So pretty much, for the most part, you’re now ready to begin looking at property. Then we get into some of the most common misconceptions that I hear buyers say that I’ve experienced myself, a real estate agent and everything else I’ve read online.
How to Buy a Home
Go to Part 3 – Timing Your Home Purchase >>
Getting an Agent
The Home Buying Timeline
Making an Offer
You can Search for Agents by NAME or by ZIP CODE using the form below
Visit www.USDRE.com to get hooked up with a real estate agent that will work with you on a personal level and find what you’re looking for!
To find a real estate agent that can help you, click below to search in your area.