Are you shopping for your first home? Dream home? Second home? What an exciting time! But before you jump right in and fall in love with an online listing, take a deep breath. From dreaming about the home to receiving the keys, here are some general steps you should follow to ensure the mortgage process goes smoothly and you find the home of your dreams!
Get Your Pre-Qualification Letter
Yes, before you even start the process of hunting for a home it is a smart move to talk to a loan expert. A Mortgage Loan Originator can give you a pre-qualification letter which states how much money you are approved to borrow from them. This information can help you set reasonable expectations and can be the starting point of figuring out your house hunting budget.
Envision Your Future
What will this home be for you? Are you a young couple who is planning on starting a family? Is this your retirement home? Are you staying there long-term, or only a few years? Consider what your timeline will be in the home. These considerations will determine how close you want to be to a desired school district if you have kids or what investment you’re willing to make in this home. It may lead you to plan for extra space or other features in the home that you’re seeking.
Do Research on the Area
Google is your friend. Research the area you desire to live in. For a full run down on how to best research an area check out Moving? How to Research Your New City.
Create a Want/Will/Won’t List
Sit down with yourself or partner or family to create this very important list on what features you desire in your home. Wants include things that you’d like to have but don’t necessarily have to have for you to put an offer in. Wills include items that your home will have- these are your non-negotiables. Won’ts are your hard boundaries, no house of yours will have these! This will be a perfect list to give over with a real estate agent or refer to during the house hunting process. Here’s an example of one:
Now’s the time to peruse online listings, go to open houses and do the hard work in searching for your next home. Find a local realtor to help you with your home search. Realtors are going to help you put your Want/Will/Wont List into action!
Go with your Gut
You’ve found a few homes that you love…now it’s decision time! Make sure you check for the details by reviewing the home inspections before pushing forward. At the end of the day, go with your gut. Your intuition knows where you and your family should call your next home!
When you’re ready to keep moving forward with the mortgage process, we’ll be here. To get a rate quote and get started on the house hunting process, apply today and get connected with a Goodmortgage loan expert!