Congratulations if you have been pre-approved for a mortgage! Your pre-approval should have covered the following things: maximum spend on a home, discussions around affordable monthly mortgage payment, credit score, proper down payment history, funds for closing costs and rate hold. If not, I would be happy to review before you proceed forward.
Pre-approval is an important step in the journey to owning a home – but now what?
Selecting The Best Realtor To Work With
It’s important to work with a Realtor who will support you and knows the local market. They will take the time to understand what you are looking for in a home, educate you on local schools, community centres, libraries and so on. They will also walk you through their plans and strategies to help secure the right home for you. These are just some of the key things to look for when selecting a Realtor. If you are looking for some recommendations, I would be happy to make an introduction for you.
Narrowing down your housing needs
With your pre-approval in hand and a Realtor who is eager to work with you. It’s time to consider what you are looking for in a home and your short-term and long-term goals. Things like, housing type, square footage, location, age, style, price, proximity to transit, schools, community centres, number of bedrooms & bathrooms and so on. Based on the above items, your Realtor will use this to set you up on an auto search and every time a home hits the market you will get an email. Should a home catch your eye, your Realtor will schedule a viewing.
Viewing homes & submitting an offer to purchase
Now comes the fun part! It’s time to start checking out homes to see if its right for you. This a huge financial commitment, so take your time looking at different homes and in different areas to see what you like and don’t like. You shouldn’t be pressured by your Realtor to make an offer after only viewing a few homes, keep looking until you feel it’s right for you. Once you think you have found the right place, your agent will discuss a strategy and a smart plan that will likely be appealing to the sellers.
Finalizing your mortgage financing
Finally, once your offer has been accepted it’s time to secure your mortgage financing. This is where working with a Mortgage Agent from the start makes the process seamless. Your Mortgage Agent will take the time to see if there are any new or better mortgage products that have recently come out from various lenders since your pre-approval was done. If so, they might suggest they apply to a different lender than originally discussed.
Using a Mortgage Agent is a great way to ensure you’re committing to the right product, with the right lender, for you as they work with many.
Getting pre-approved is a great first step towards homeownership. Although you still have a big process ahead of you, with a bit of help from the right professionals, you’ll be moving into your new home in no time. Whether this is your first time buying or your twelvth, I’m here to work with you to ensue it’s a smooth experience for you.