The True First Step

You may be a first time home buyer but that doesn’t mean your first step is just to fall in love with a listing on Zillow. It’s not as easy as that. Consequently, most people don’t realize the one thing they really should be doing before they get their hopes up over a house. What is it? 

Talking. 

No, seriously. Meet with a lender to discuss your credit score. There’s no worse feeling than assuming a price point and absolutely falling in love with a home only to discover that you don’t actually qualify for a mortgage to cover it. 

Because securing a mortgage is so complicated, it helps to understand that it’s more than just the listing price of a home compared to your income. Getting approval from a lender comes with factoring in down payment, closing costs, mortgage rates, whether you currently have a mortgage, and your debt-to-income ratio. It’s a lot to take in so speaking with a professional can really help set realistic expectations. 

We think of it like this… every year before sports season, we’re required to get our children a physical so that their pediatrician can sign off on their abilities. Are they healthy enough to run? Check, and you’re good to go. Speaking to a lender about your credit history and getting pre-approval before ever house hunting is similar. They’re going to do a basic check-up of your finances to sign off on your ability to purchase a home. 

Realtor.com has a great and very in-depth guide to getting started as a home buyer. Check out their handy hints for getting pre-approved!