The #1 most important thing to do when preparing to buy a home is to know your budget.
When you know what you can afford, finding your next home becomes simplified because you can narrow down your options. Understanding your options will save you time, energy, and give you peace of mind.
To find out your budget, you’ll need to go through the process of prequalification.
To get prequalified, you’ll first need to team up with a lender.
The lender will weigh factors together such as current income, credit score, and amount of debt to get an estimate of what they will be willing to loan to you. This will be reflected in a document known as a prequalification letter. Take the number from your prequalification letter and add in your down payment to have an idea of what you can afford to buy!
It is important to remember that prequalification letters are often free to obtain. There is no obligation to move forward with anything if you make the decision to wait or to check out what another lender has to offer. So what are you waiting for?
If you need a great referral for a lender, just reach out and I’ll get you connected!
As your real estate professional, I pride myself on being here to provide you with all of the tools and knowledge you need to succeed in the real estate market. Reach out any time.
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If you have any questions, please reach out to me. I’m always happy to help!