Talk to a Lender or a Real Estate Agent First? Buying a home in Northern Virginia?

By
Real Estate Agent with Samson Properties VA0225077251

Should I Talk to a Lender or a Real Estate Agent First when buying a home in Northern Virginia?

There is tons of information online and everyone has a friend or a family member who is unselfishly willing to guide a naive potential home buyer. 
Northern Virginia comprising of many counties like Arlington, Fairfax, Loudoun, and Prince William. It is considered a very affluent or richest counties around the US with a strong economic engine of the region. This has converted many of our renters into home buyers.

According to a survey, nearly 69% of the people desirous of buying a home have wrong notions about down payment needs. They believe they need at least 20% of the value of the property before approaching a lender for a mortgage loan. In such a scenario, it seems logical to talk first to a lender before finding a real estate agent. Let us see what you should do first when you have decided to buy a home in Northern Virginia..

 If you are like most other first time homebuyers, you would think that it is better to approach a lender first, get pre-qualified and understand your monthly mortgage payments before talking to a real estate agent. There can be no two opinions about the fact that mortgage is very important for buying a home but the role played by a real estate agent is no less important. If you have a stable income and a good credit score, the issue of mortgage can be handled easily at a later stage or hand in hand. Even if you have misconceptions about down payment requirements, it is prudent to contact a reliable real estate agent first.

If you are a seasoned home buyer, over the short period the mortgage/financing industry goes thru many major changes that can impact your financing qualification of home buying. Similar to first time home buyer speak with your real estate agent first; especially if you plan to carry your other home mortgage. 

If you are new construction buyers many of them have same misconception builder is working on behalf of a home buyer and they don't need representation. Builders have in-house lenders with incentives tied to using their mortgage company that steers buyers away from hiring an experienced real estate agent. Why do you need to hire a Realtor when buying new construction? Because just like resale home there are many aspects of buying a new construction home in Fairfax & Loudoun county your agent can guide and help you negotiate through the process.

Not because I am a local Fairfax & Loudoun County Realtor® I suggest to speak with the Realtor® before lender.

Keep in mind that your real estate agent is like an orchestra conductor when you are embarking on a home buying endeavor. Like an orchestra conductor, your Realtor® will hold baton to orchestrate various aspect of the home buying. 

Let your experienced real estate agent Ritu Desai in the Northern Virginia area of Fairfax & Loudoun County be the first one you speak before you endeavor into a home buying journey.  

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Virginia Loudoun County Ashburn
Tags:
buyer guide to purhasing a home in virginia
ashburn aldie chantilly leesburg south riding stone ridge sterling potomac falls housing market
home buyer and seller samson properties top real estate agent ritu desai chantilly va

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,214,027
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Ritu Desai It's most important to meet with a buyer's agent first and that agent will direct you to the right lender.... as an example, there is one lender in our area who has a new home lock-in for 9 months... this savings bank holds that loan in-house....mortgage companies cannot do that.... but a well-versed real estate agent would know this informat and direct the buyer to the right lender.... 

agents first to begin the buying process....

Feb 10, 2018 05:57 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
696,380

Ritu Desai

Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949
Have a Question? Ask Me..
*
*
*
*
Spam prevention

Additional Information