You want to get fully pre-approved by a direct lender. There is a difference between being pre-qualified based on your credit and being fully pre-approved. A pre-qualification can be given in 10 minutes by a loan officer who asks you a battery of questions and pulls your credit. But this is NOT enough to go shopping in this market. To make legitimate offers, you want to have a fully underwritten approval that takes into account your income, assets, liabilities, etc. But keep in mind that what you CAN qualify for is not necessarily what you SHOULD borrow. You want to find a professional mortgage consultant to help you navigate your budget so you don’t get in over your head and make costly mistakes.
You want to know what area you would like to buy in and choose a Realtor you can trust. Sure, you can do window-shopping online, but this is a competitive market and you need an expert to help you find and negotiate the best deal. The best Realtors are found by referral, and your mortgage professional would be glad to give you some people to interview. Click the link below to find Realtors in your area that have met our strict guidelines for customer care and best practices. At Monarch, we truly want your home-purchasing experience to be an enjoyable one so we have sought out only the best professionals for us to recommend. Please contact us if you have any questions.
Go shopping and make some offers. Now that you have been pre-approved, you know how much you can spend. And since you’re hooked up with a trustworthy Realtor, you will have access to several great options. The more homes you look at, the more detailed your expectations will become. This is important to make sure you find a house that your truly can make your home. Be ready to make multiple offers as it is rare to get the first offer accepted and executed. Remember, sellers are looking for the “highest and best” offer that they do not fear will fall out of escrow. If you have a professional mortgage consultant and Realtor with you in the process, you will be just fine.