Many people use websites like Zillow and Redfin to conduct their home search, and they can be a great tool, but in an ever changing market you sometimes need the most up-to-date information possible so you don’t miss out on the home of your dreams. By using a client portal in the MLS you can get the most accurate and up-to-date information available.
Once you have selected a few homes and are ready to begin deciding on the one you can move into step two. Contacting a lender for a pre-approval.
Step 2: The Pre-approval
Many people have different theories as to when they should gain a pre-approval. Some say that you should gain a pre-approval before you begin your home search. While others believe you should wait until you have decided on a home to receive your pre-approval letter. I believe that either one could potentially have negative consequences. Timing the pre-approval is different with every individual and is something that we plan in accordance with your timeline for wanting to move.
With many lender’s putting a limit to the amount of time a pre-approval is valid for and the small hit your credit score can take from it. Waiting until you are ready to move forward with your purchase seems like it may be the more logical decision. For some, however, they may not know how much of a home they can afford or whether they will be able to get pre-approved at all. If you are in either of these categories there are some things you can do when you are in the first stages of looking for a home to answer these questions for you.
For those who struggle with how much they can afford, setting a monthly payment amount can give you an idea of the price of home you should be looking for. There are many great calculators online, some will even allow you to enter the taxes and insurance estimates as well which are generally bundled in with the mortgage payment. Of course, you can also contact me at any time to further discuss the amount of home that you can afford.
On the other hand, if you worry about whether your credit score will be high enough to obtain a loan at all you will want to receive your free annual credit report from a credible website. When you receive this you may not be given a score without having to pay but you can gain valuable insight into what types of things are affecting your credit score negatively and develop a plan to improve on them.
Once you have your pre-approval you are ready to choose your dream home from the choices that you have narrowed down in step 1 and submit an offer.
Step 3: Submitting an Offer
At this point you have found your dream home and are ready to move in. However, this is where I will begin to really go to work for you. We will work together to figure out what we believe the home is worth and discuss a plan for developing how much of an offer you would like to put in on the home, whether you will need to ask for assistance from the seller for closing costs, and timing the closing around the sale of your home or end of your lease.
Once we have decided on these points we will begin negotiations with the seller’s agent on your behalf and hopefully come to an agreement that you and the seller are happy with. After that happens we begin moving towards closing.
Step 4: Moving Towards Closing
The process of receiving a home inspection, hiring a closing attorney and title company, and finalizing mortgage documents can be tedious. However, we walk you through each step of the process by providing trusted professional referrals for each area where you may not have a representative of your own. We also stay in contact with everyone in order to ensure that things continue to move smoothly and that your closing happens on time.
Step 5: Move In!
Your hard work has paid off! You made it through closing and got the house. Now it is time to move in, decorate, and enjoy your new home!