This is the first of a series of posts aimed at educating first-time homebuyers in the Rochester area about the home buying process. I've worked with many first-time buyers who are interested in becoming homeowners but have no clue where to begin. This series will explain the steps to homeownership, as well as giving first-time buyers tips to help the process go as smoothly as possible!

Step 1: Establish Financing

It's important to speak with a mortgage professional before you begin seriously looking at homes. They will look at a number of factors and issue you a pre-approval letter.

Some of the factors lenders take into account include...

• Employment: Salaried vs. commissioned, self-employed, or temporary
• Credit: How do you rate?  What is your credit history and score?
• Finances: How much do you have available for down payment and closing costs?

Your pre-approval letter will give you a realistic price range for your home search. That way, you don't overextend yourself or end up disappointed after falling in love with a home you can't afford. By including it with a purchase offer, it also shows sellers you are a financially qualified buyer who can afford their home. That's why it's beneficial to have this letter before you find the home of your dreams!

If you are unable to qualify for a loan, a good mortgage professional can help you create an action plan to improve your credit, so that in the near future you should be in a better position to purchase a home.

Choosing the right mortgage professional is as important as choosing the right real estate agent. They can mean the difference between a smooth transaction and a "rocky road". If you are in the Rochester area and thinking of purchasing a home, I would be happy to refer you to some fantastic professionals who always get the job done for my clients.

Stay Tuned for Step 2: Finding Your Dream Home!

P.S. This is just the tip of the iceberg. I frequently team up with Tracy Martinez from Five Star Bank to offer FREE home buying seminars to Rochester-area homebuyers. If you're interested in learning more, give me a call at (585) 455-5524 to find out when and where our next seminar will be held!