Ready to Buy a Home? Here’s How to Get Started

Step 1: Get Pre-approved for a Mortgage 

Getting pre-approved is your crucial first step. It clearly states your budget and sets you up for success as you take the first step into the home buying journey. A common question I hear is, "Can I get a pre-approval from a different bank than the one I currently use?" Absolutely! You have the flexibility to apply for pre-approval wherever you choose. Once you've selected a bank or lender, you'll need to gather and submit your documents for review. This step can sometimes be frustrating because the lender might request certain documents multiple times, and you may wonder why. Here are some common reasons this happens:

Incomplete Submission: You might submit your bank statement but leave off the last page because it’s blank.

Obstructed Information: You submitted your bank statement but the corner is folded, blocking the small text in the corner of that page.

Verification and Accuracy: Lenders may request additional documents to cross-check details.

To speed up the process, ensure you submit all pages of each document, including blank ones, and make sure all areas, including corners, are clearly visible. The lender needs all pages to ensure nothing is omitted. Additionally, keeping the documents in a file on your computer will ease the stress of searching for documents when they're needed.

Step 2: Find a Real Estate Agent

Now that you have your pre-approval, it's time to find a real estate agent who's the right fit for you. You can start by researching real estate agents near you and making a list of who sticks out to you. Websites and online reviews can provide valuable insights not only for the agent but their brokerage as well. Give a few agents a call to ask any questions you may have and discuss your goals. This step is about finding someone who understands your needs and can guide you through the entire buying process. 

Step 3: House Shopping

This is where the fun beings! Armed with your pre-approval and your chosen agent, you can start exploring homes. Whether you're considering new builds, building on your own lot, or looking at resale options all depends on your personal preference and timeline. To make the process smoother, create a list of the features you can't live without and any specific preferences you have. Share this with your real estate agent so they have a clear understanding of what you're looking for in a home. Doing this ensures your options are narrowed down to the homes that closely match your wants and needs. 

Remember, buying a home is an exciting journey and having the right preparation and support can make all the difference.