You pay rent, and probably wondering why I cannot get my own home and pay for it? You may say, why I am paying someone’ else mortgage when I can be paying my own. And actually this is true.  It’s a fact. Many renters don’t realize that they can buy a house or their own. One of the main obstacles for First Time Buyers is to  put together the Down Payment, on the other hand many of them  are not aware that there are Down Payment Assistance Programs that can help them with the Down Payment.   

Knowing that now, let’s go the very first step of Getting pre-approved for a mortgage, and this is considered as the very first step of the home buying process.

It is imperative you know your ability of repayment a home loan. In other words, you need to know how much you can borrow. How much home you can afford will narrow 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 un-affordable homes.)

Getting the loan estimate from your lender will show how much money is required for the down payment and closing costs in general. You may need more time to save up money, liquidate other assets or seek for the down payment assistance programs, so will have a clear picture of what is financially required.

Finally, 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.  

So if you are ready to start, give me a call, I will be more than happy to guide you step by step through the entire process.