5 things I wish I knew when I purchased my first home

Buying a home can be overwhelming. What should your first step be? Most people know that qualifying for a mortgage is important but they really don’t know when they should start that process. Should they wait until they know which home they want to purchase so they can tell me the price and details on the home? If they get prequalified before they purchase does the lender have to check their credit? Will their credit score go down just by the lender checking it?

There are huge benefits of a prequalification BEFORE you shop for a home. Here are just a few.

1. If you are prequalified it takes one less thing to worry about in the home purchase off your plate so you can focus on finding the right home for you.

2. Along with this you know what the monthly payment will be at various price ranges – therefore you know what price range you are shopping in. You really don’t want to look at homes in the $500,000 price range if you are only comfortable making the payments on a $350,000 home.

3. Many times people have things they need to “fix” before they are ready to purchase. Maybe a credit issue has shown up on your credit report – or you need to pay down some debt in order to qualify. My experience is that none of these things are pleasant to work through when you have a time clock over your head because you are under contract to purchase and close on a home.

4. Maybe you need to save money for a down payment – or maybe you qualify for a down payment assistance program – or maybe you need to save money over 6 months to qualify for an IDA grant. It’s always better to know first.

5. The most important reason of all however is that when you finally find that perfect home for you it is likely that it is the perfect home for someone else also. When the seller is considering two or more offers you want to be sure that your offer has a nice clean prequalification letter from a trusted local lender.

Please give me a call if I can help you through this next step in your life. A prequalification is free and I love helping people buy that first house or their fifth house.

Click here to prequalify. It's free.