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Pre-Qualification: Meet
with a mortgage broker and find out how much you can afford to
pay for a home.
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Pre-Approval: While
knowing how much you can afford is the first step, sellers will
be much more receptive to potential buyers who have been
pre-approved. You'll also avoid being disappointed when going
after homes that are out of your price range. With Pre-Approval,
the buyer actually applies for a mortgage and receives a
commitment in writing from a lender. This way, assuming the home
you're interested in is at or under the amount you are
pre-qualified for, the seller knows immediately that you are a
serious buyer for that property. Costs for pre-approval are
generally nominal and lenders will usually permit you to pay
them when you close your loan.
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List of Needs & Wants:
Make 2 lists. The first should include items you must have
(i.e., the number of bedrooms you need for the size of your
family, a one-story house if accessibility is a factor, etc.).
The second list is your wishes, things you would like to have
(pool, den, etc.) but that aren't absolutely necessary.
Realistically for first-time buyers, you probably won't get
everything on your wish list, but it will keep you on track for
what you're looking for.
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Representation by a
Professional: Consider hiring your own real estate agent,
one who is working for you, the buyer, not the seller.
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Focus & Organization: In
a convenient location, keep handy the items that will assist you
in maximizing your home search efforts. Such items may include:
1. One or more detailed maps with
your areas of interest highlighted.
2. A file of the properties that your agent has
shown to you, along with ads you've cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
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