FAQ: What is the first step of the home buying process?⠀




Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.⠀ ⠀ Here’s why:⠀ ⠀ First, you need to know how much you can borrow. Knowing how much home you can afford narrows down online home searching to suitable properties, thus no time is wasted considering homes that are not within your budget. (Pre-approvals also help prevent disappointment caused by falling in love unaffordable homes.)⠀ ⠀ Second, the loan estimate from your lender will show how much money is required for the down payment and closing costs. You may need more time to save up money, liquidate other assets or seek mortgage gift funds from family. In any case, you will have a clear picture of what is financially required.⠀ ⠀ Third, being pre-approved for a mortgage demonstrates that you are a serious buyer to both your real estate agent and the person selling their home.⠀ ⠀ Most real estate agents will require a pre-approval before showing homes - this is especially true at the higher end of the real estate market; sellers of luxury homes will only allow pre-screened (and verified) buyers to view their homes. What’s more, by limiting who enters their home, sellers are given extra security from potential thieves trying to case the home (like identifying security systems, locating expensive artwork or other high-value personal property).⠀ ⠀ Finally, it will make the process much easier if you come into the market completely prepared. That way, if you find the house of your dreams, you can submit an offer right away versus scrambling to fill out applications and submitting documents. My goal with every client is to make things as easy as possible for them. ⠀


Leave me a comment below if you would like more information or refer to the "Services" page in the menu to find out how I can help you. ⠀

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 Katrina Nguyen | Realtor®
 Madison & Co. Properties, Ltd.
 201 Milwaukee St., Suite G, Denver, CO 80206

 720.999.7007 

 katrina@madisonprops.com
 www.KatrinaTheRealtor.com | www.MadisonProps.com

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KatrinaTheRealtor | © 2020

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