Affordability should be viewed from two perspectives: 1) the overall monthly payments, which include your monthly household expenses, mortgage payment, home insurance, property taxes, and any other financial considerations you may have, and 2) how lenders determine what you can afford to spend on housing.
After getting a general idea of what you can afford, you now want to speak with a loan officer for a pre-qualification letter. Getting pre-qualified is the first step to getting approved. Loan officers will take minimal information to determine how much you could get approved for based off of unverified info. The goal is to be Pre-Approved.
At this point you have your pre-qualification amount, now comes the fun part. We can now start focusing on the homes within your budget. I will gather information from your request to start the home search using the MLS.
Now that we have you in the MLS, it’s time to learn what to do ONCE you find that dream home. You will receive properties in your inbox that fit your criteria as soon as they hit the market. Getting familiar with the process will take a lot of stress off of the overall journey.
The foundation has been laid and it is now time to start building upon what you have learned. When you reach step 5 you are ready to start moving! Not moving in, but putting everything to work. Hot potato needs to be your mindset. When things are needed and the potato is in your hand, PASS it! I’m huge on communication, and this is the key ingredient to ensure this process goes as smoothly as possible.
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