Everyone I meet is a potential home buyer. Some are home buying veterans, having purchased several homes already, and some are novices, considering their first home purchase. I give everyone the same advice when they ask me what the first step in the process should be--contact a mortgage lender.
We all love those home buying shows.
The buyer and their agent look at three homes, the buyer and
listing agents chat and the buyer ends up with the house that best suits them. In reality, this could not be further from the truth.
If you want to buy a home, your first step is understanding your buying power. You may have resources in the bank, steady employment, low debt and be told that the lender is ready to make a loan to you.Conversely, you may find out that you need to do some more saving, reduce your debt or be in your job for a longer period of time. You might be told about some programs that mean you don't need to put down 20% and you might find out that you can buy sooner than you expected. In any case, understanding what you can do, and when, is critical to the buying process.
I won't take out a buyer until they have spoken to a lender and that lender has confirmed that they are ready to buy, and at what price point. This is not because I am 'oh, so busy,' it is because I don't want a buyer to fall in love with a property that they are not in a position to buy.
The reality of buying a home is far more complex, and far more stressful, than what the home-buying shows portray. Understanding the how your finances factor into the process is critical to the purchase process and can take at least a bit of stress out of the process.
My first piece of advice if you are thinking of buying a home? Contact a highly recommended lender. There is no sense finding your dream house only to find out that you can't afford to buy it!
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A GREAT Real Estate experience.
If I can help you, your friends or family buy or sell their next home in Northern Virginia, please let me know!
If you need help with a home outside of Northern Virginia, I have an extensive network of referral agents and will make sure you are working with the best!
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