You may think, do I not find the home first and them think about the mortgage? Actually, that would be working backwards. You can't buy a home until you can figure out how to pay for it. How much can you afford? How do you plan to finance it? How can you negotiate a price for a home if you don't know what you can afford? The very first step you will need to make is to find an experienced mortgage lender. We can help you with a list of mortgage lenders whom we have had great success and great service to our past clients. Since 1974, it has been illegal for real estate brokers and agents to receive a finder's fee from mortgage referrals. So we do not have anything to gain by referring you to a lender other than the lender is one who has a reputation for delivering great service. We will not show you any homes until you have been pre-approved for a mortgage with a mortgage institution. Remember be realistic and honest with your financial health. Just because a lender can pre-approve you for the maximum amount, that your financial situation allows, does not mean you can really afford it. Don't be house rich and cash poor. Realistically and honestly review your life style. Prioritize what is important to you. Having a huge mortgage may cramp your life style and will lead to a nightmarish life of being financially deprived from doing the things you love to do. |
