Buying a New Home: Why Talking to a Lender Should be Your First Step
Are you ready to begin the exciting process of buying a new home? Not sure where to start? You’re not alone! In fact, we hear from potential home buyers all the time who are not quite sure how to get started. This is why we’re devoting today’s post to the importance of starting your home search by talking to your Colorado lender. Let’s get started!
1) Determine What Exactly You Can Afford
You’ll sleep great at night knowing that you can afford your mortgage payments and the other financial aspects of being a homeowner, while not overextending yourself financially. You want to be sure you can still grow your savings, travel and enjoy some of life’s luxuries. Knowing how much home you can afford will help you be a happy homeowner.
2) Find the Best Loan for Your Needs
There are a lot of home loan options available to you. Your lender can help you to determine which loan is right for you. Do you want a 30-year loan, a 15-year? Fixed rate or adjustable rate? Do you have 20% to use for a down payment? 5%? Are you considering getting support from a down payment assistance program?
The good news is that you don’t have to know the answers to these questions! Your mortgage loan officer can walk you through your options and help you make the right choice based on your finances.
3) Be Connected to the Right Real Estate Agent at the Right Time
Once you know how much you can afford, and your lender has completed at the very least a pre-qualification, it’s time to meet with a real estate agent. Your real estate agent will help you find the right home, in the right neighborhood, at the right price. And, your agent will be happy that you are ready to buy!
Not sure how to find a real estate agent that is the right fit for you? Ask your lender. Your lender will have a pool of agent partners to choose from and can help connect you to one who is an expert in your area and whom you will enjoy working with.
4) Have a Smoother Transaction
Your lender is here to help you get on the path to homeownership without a lot of bumps in the road. But your lender does have a lot of work to do. And one of the big parts of buying a home is getting all your paperwork in order. When you meet with your lender, before you start the process, you’ll know exactly what papers you’ll need. Collecting all the paperwork will still be your responsibility, and there still may be some surprises in store for you, but getting a head start on this will make sense in the long run and make the process a little easier.
Ready to discuss your situation with a trusted Colorado lender? Contact us today and allow us to walk you through every step of the home buying process.