20 Easy Steps to Home Ownership (Part ¼)
1) Pre Qual
Start with right foot, get Pre Qualified for a mortgage before you begin looking for a home. This way you know ahead of time how much home you can afford. Start with a mortgage broker that you feel comfortable and the one that you can trust, if you do not have a mortgage broker, start looking one, there are plenty in your area, if you are still lost on this one and you do not know about a good and professional mortgage broker, contact me and I will refer you a great and very well experienced mortgage broker professional. The key to get pre qualified is to provide to the mortgage broker all information about your finances, debts, past and present credit history, so a great experienced loan officer that you chose will guide you with the best loan program that will fit your wants/needs/situation, I have seen first timers that they started looking for a home before a good interview with a loan officer and later on prospect buyers get disappointed for the reason that they were looking for a home price range that they could not afford. Remember: Having a good interview with a mortgage broker will open you doors and give more chances to get pre qualified and also, it is very important to have a good credit score or FICO score in this way you can have the best chances to get a better interest rate/loan program.
2) Pre Approval
Pre Approval is similar to pre qualification, in fact with a pre approval you are actually accredited for a specific loan amount (under certain terms and conditions depending your situation) with a mortgage broker or a loan officer. Remember: It is better to be pre approved than Pre Qualified, because you will have more confidence about what you will require to get approved by lender.
3) The Search and The Hunt
Now that you know how much house you can afford, then you can begin the home search process, ask your realtor to search homes in the MLS (Multi Listing Service) to look for homes that meet your specific criteria (requirements/wants/needs/desires). Remember: Save time!, be very specific what you are looking for, your realtor will thank you for doing this, you will also speed up the process for the search of your home, basic and detailed information are always welcomed by your realtor, for instance: Single Family Residence, Detached or Attached (Condos or Townhomes), number of bedrooms, number of bathrooms, number of car garage, style that you like better of a home like: ranch, two story, bi-level, tri level, neighborhood or area and many details and desires about the home that you want, if you are lost on this one, this is an opportunity that your realtor can utilize his/her experience/skills to give you the best advises/answers to your questions/doubts. Buying a home is a big decision and all your questions/doubts must be answered/satisfied.
4) The Sale Agreement and The Contract Buy-Sell Real Estate
When you find the right home, the terms of the sale are negotiated including the sale price. Your Realtor will submit an offer to the seller's realtor or agent including the terms and provisions that you really NEED or that you really WANT,, if the seller(s) agree(s) with your offer, the real estate contract will be signed by seller's realtor and seller(s) too. If you were Pre-Qualified or Pre approved, the offer must be along with the pre approval letter and the copy of the earnest money to show to the seller that you are really serious about the offer. Remember: To have a descent offer with terms/provisions that you really need, having a pre-approval letter and the earnest money ready in case that offer is accepted.
5) Loan Application
Once the seller accepts the offer "Contract buy-sell Real Estate", you will need to obtain your mortgage or loan through the mortgage broker and so on, the mortgage broker through the lender. A loan program will be chosen and designated for you, depending your needs/wants/situation, If you have been pre approved, then you will need to complete a loan application, Remember: Some loan officers do this step after step #2, thus you can save time and speed up the process.
Stay tuned for the next parts 2/4, 3/4 and 4/4
Aurora Denver Colorado Real Estate - Homes for sale in Colorado Spanish Speaking Real Estate Agent
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