THE 3 STEPS TO START YOUR HOME-BUYING PROCESS

Buying a home is an exciting process that first time home buyers are often nervous about. However, it doesn't have to be so complicated if you know what to do first.

In this article, we'll cover the first three steps of the process - selecting your loan advisor, making sure you qualify for a mortgage and determining your budget.

Step One: Selecting Your Loan Advisor

The first step is to find a loan advisor that will help you navigate the mortgage process. The best place to start your search for an advisor is on Google where there are thousands of listings, all claiming they can get you the lowest rates and provide personalized service.

While these advertisements may be true, it's more important to choose someone who has experience in home mortgage loans. You don't want them calling every lender trying to secure financing for you - instead they should have relationships with multiple lenders so they know which ones offer loans at competitive interest rates .

It also helps if they work closely with one or two specific banks because this allows them access into lending software used by many different institutions--making closing paperwork easier.

Step Two: Making Sure You Qualify For The Loan

The first thing your agent will need to do is determine whether or not you're ready for the home buying process.

Next, they'll review your credit history and score with an eye toward seeing if there are any red flags that could potentially cause any issues. They should also run a "soft" inquiry on your credit report so they can see what lenders pull when evaluating programs--it's much easier to deal with issues now instead of once mortgage rates have been locked in .

Finally, it helps if the agent has access into their state housing authority because this allows them to quickly check public records including bankruptcy filings which would disqualify you from securing financing through traditional means. The sooner these items are found early in the process, the fewer headaches down the road.

Step Three: Determining Your Budget

The first step to determining your budget is to set a maximum price you are willing to pay. This shouldn't be the first home that comes on the market but rather what's considered "the average" for homes in your desired neighborhood .

If this means spending $250,000 or more, then make sure you include all closing costs which will run around 3% of the purchase price (this amount can vary widely depending upon where you live).

The next thing is really crucial: don't underestimate how much lenders expect first-time homebuyers to spend on the down payment and closing costs. Make sure you set aside enough money to cover these fees before tackling the first step of the process.

Once you've taken care of these three quick steps, your loan advisor can get all of your mortgage documentation started and get a better idea of whether or not your budget is realistic for home prices in your desired area .

If you'd like more information on making the home buying process easier, you can speak to our advisor about first-time homebuyer programs in your area. We can answer any questions you might have and make the first three steps to buying a home a quick, simple process!

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