It is a well-known fact that buying a home is a BIG DEAL!  It’s likely the single largest purchase of your life, which can seem a tad daunting. Most of us were not taught homebuying or the mortgage process in school, so it’s important to familiarize yourself with its requirements. While you may think that you can Google just about anything, if you plan on taking out a mortgage, it pays to talk to a lender first. As a licensed mortgage professional, I can give you a few tips right off the bat.

Mistake #1: Not getting pre-approved

How do you avoid making this mistake? Connect with a trusted local mortgage lender who has a solid reputation. Local is key. You want someone who knows your area, who you can easily call, and call back, without the fear of being stuck talking to a different person each time. Lastly you want someone you can sit eyeball-to-eyeball to ask your myriad questions.

Like any relationship, you can shop around to find the right personality match. Your lender should never make you feel rushed, or like your questions are insignificant. YOU are the one who has worked hard to get to the financial position to purchase a home — your lender is your support person, there to help guide you in the process.

A pre-approval gives you a baseline read on how much money you will be able to borrow for your home. You provide your lender with an overview of your credit profile and your financial standing, and your lender can pinpoint what you can afford, and perhaps more importantly, they will work with you to determine what you are comfortable with. They should then be able to review mortgage scenarios with you, which will help you anticipate projected down payment and closing costs along with monthly payment requirements.

Please check back next week as we discuss Mistake #2! In the meantime, if you have any questions, please reach out to me directly. I am here for you anytime! If you are ready to get pre-approved now, please visit my website to begin a loan application and we can get this process started!