Home Buying Process Part 1 – Get Pre-approved!

By
Real Estate Agent

So, you've decided to take the plunge and commit to buying a home!  Next question, where do you start?  The reality is that buying a home is a complex process that is both exciting and stressful, and whether you are a first time buyer, or it's not your first time, there are a lot of questions to be answered and things to consider.   

 

One of the first things you should do is not the most exciting, but it's a piece of cake!  Reach out to your local bank, or find a good mortgage lender, to get a mortgage pre-approval.  Do not be intimidated by this process!  Your lender will ask you some basic questions to get a picture of your financial situation, and they should be able to give you a mortgage pre-approval the same business day.  Additionally your lender can provide a breakdown of expenses so you can get a clearer picture of what your monthly expenses will look like based on the price range you are shopping in.

 

The benefit here is that you will have an idea of not only what you can afford, but how much you really want to spend, so that when you find that perfect house you will have the confidence that it's not only the right fit for you and your family, but also for your wallet!  

 

 

If you also need to sell your property prior to buying, you should contact a local real estate professional and have them review a Comparative Market Analysis, or CMA, with you so that you can understand the likely price range your home will sell for.   

 

For more information on this process, or any other real estate question, please don't hesitate to reach out to me at jaysellsre83@gmail.com.  Looking forward to hearing from you! 

Comments (15)

Robert Vegas Bob Swetz
Las Vegas, NV

Hello Jason 

Congrats on your first post to ActiveRain and welcome.

Jun 12, 2016 05:13 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Jason, welcome to ActiveRain, and your first post is very well written

Jun 12, 2016 05:40 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Jason Young, Welcome to Active Rain and congrats on your first blog post. This is important information for prospective buyers.

Jun 12, 2016 06:03 AM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Hi Jason,

welcome to activerain.  Make sure you complete your profile, I can't tell where you are from or what market you serve without the details filled in.

Jun 12, 2016 07:01 AM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Also, congratulations on taking the plunge into blogging.  There is lots to learn and read here, and blogging can be great marketing.

Jun 12, 2016 07:02 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Excellent post Jason, so important to get pre-approved before wasting time searching for a home you cannot buy.

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
Bob

Jun 12, 2016 09:45 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain, and yes, pre-approval should definitely be the first step in getting ready to purchase a home.

Jun 12, 2016 08:19 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Jason Young there is a process to follow and you'e made a few great points in your blog post.... the pre-approval is the first key step and it cannot be put off until a later time...

Jun 12, 2016 09:30 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain...it's a great place to learn, share, market and network....and I hope you enjoy and benefit from all of it....

Jun 12, 2016 09:31 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Welcome to active rain. Congratulations on your first post. Wish you good luck.

Jun 12, 2016 09:53 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Welcome to Active Rain Jason Young  - as REALTORS® who have been here for almost 10 years, it's well worth it!

 

Jun 12, 2016 10:09 PM
Sharon Kowitz
CRS-SRES-ABR-GRI-E-Pro-CREN ~ COMPASS RE - Cary, NC
Cary, NC Relocation Specialist ~ Buying or Selling

This is a great post, very nicely done!

Jun 13, 2016 12:26 PM
Sharon Kowitz
CRS-SRES-ABR-GRI-E-Pro-CREN ~ COMPASS RE - Cary, NC
Cary, NC Relocation Specialist ~ Buying or Selling

...Also, welcome to Active Rain and congratulations on your first post!

Jun 13, 2016 12:26 PM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hi Jason! Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Jun 17, 2016 02:21 AM
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Jason Young 

Welcome to Active Rain! Great post. Hope you have a wonderful weekend. 

Jun 19, 2016 06:43 AM