“The secret of getting ahead is getting started.” -Mark Twain
I love that quote and am inspired each and every time I read it. It’s absolutely true and applicable in all facets of life.
In order to begin your journey toward financial freedom and investing in your future through real estate, you have to know how and where to start.
Depending on what resources you have available to you, you may need to start at the very beginning and that’s ok! If you have bought and sold homes in the past and need a refresher before you make another purchase, welcome!
Your first and most basic priorities are actually interchangeable with each other; they are to ensure your credit and your finances are in good standing and are reviewed by a mortgage broker or mortgage lender that you trust, and selecting a local REALTOR® to be your market, community, and escrow process resource.
These crucial and interchangeable steps will determine the amount of money you can qualify to borrow for your mortgage after your initial loan application and credit inquiry, and get you connected with your real estate agent so you can easily ask questions about the community, housing market quirks in the area, and find out how the agent can help you compete with other buyers if you are in a sellers’ market.
Your agent and your lender will work closely together during your home purchase, so if you decide to find the agent first, see if they have any preferred lenders that they work with whom you could speak to for your pre-approval.
(If you are paying all cash for your home, this does not apply to you.)
Note: If you have items within your credit report history that need polishing, a mortgage lender or mortgage broker can help by making suggestions for actions you can take to make repairs to your credit, to increase your scores if necessary to help you get a better interest rate to decrease your monthly payment, or even possibly help you remove derogatory remarks without having to pay an outside credit repair company for their services.
**Some mortgage brokers/lenders will offer this service as a courtesy to you and it can be incredibly invaluable.**
Your agent will be your resource during your home search, your negotiator for your home purchase, and your ally during your escrow ensuring you are educated and informed throughout the home purchase. They will be the common denominator throughout your escrow, keeping the purchase on the tracks to closing.
Selecting someone who is experienced, easy to communicate with who answers your calls/texts/emails in a timely manner, and someone you feel will genuinely be looking out for you and your best interests can mean the difference between a pleasurable and rewarding experience, and a complete nightmare!
Please click here if you have any additional questions!