Buying a House? What is first? Talk to Agent or Lender?

When buying as house, What is first? Talk to Real Estate Agent or a Lender?

Minneapolis, MN:  Ready to buy a home? Most people think the first step is touring a home or choosing a Real Estate Agent, but that is actually a mistake.
Your first step should always be talking to an experienced mortgage Loan Officer to get Pre-Approved for financing.  Determining if you can even get a loan, what purchase range you can afford, how much money you may need for down payment and closing costs, and what monthly payment might look like makes sense before shopping for homes.  If this all sounds good, submitting your documents, and having a Pre-Approval Letter in your hand when you reach out to a Real Estate Agent is a better way to go. Here’s why:💚

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Accurate home search:

With a pre-approval, you’ll have a clear budget and know what you can afford. This helps your agent help you narrow down your options and focus on homes within your price range. It saves time and energy, making your search more efficient.

Waste of Time: 

Most Real Estate Agents don’t get too excited about showing you homes until they know you can get financing. If you are not serious about financing, they are not serious about showing you homes.

Negotiation power:

Sellers take pre-approved buyers with local reputable lenders more seriously. When you’re armed with such a pre-approval letter, you’re seen as a serious contender. It can give you an edge in a competitive market and help you negotiate a better deal than being pre-approved with some out-state or internet lender.

Faster process:

Pre-approved buyer have a good chuck on the mortgage process already completed, which speeds up the mortgage process. Since your financials are already reviewed, the lender can focus on finishing the last few items to get your loan closed. This means less stress and a quicker path to homeownership.

Avoiding major heartbreak:

I see this one all the time. Imagine finding your dream home, only to discover later that you can’t secure the financing, the payment is too much, or by the time you started the loan pre-approval process, the home is already sold.  By getting pre-approved first, you’ll avoid disappointment and wasted time. It’s a proactive step to ensure you’re on the right track.
Curious what your options are? Text or call me anytime to take the first step on the path to homeownership.
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