Buying a house? Time to spring into action!

For those who are buying a house this spring, you have likely been planning and thinking about this experience for a long time. After all, it often takes years to prepare to purchase a home, both financially and mentally. Now that the time is finally approaching, how can you know if you have everything ready? While buying a home might always feel a little stressful, there are some steps you can take to greatly improve your experience in the market. Here’s what you should be doing as you prepare to spring into action!

Find a real estate agent

One of the first items on your list when buying a house should be securing a real estate agent. On the surface, this seems like a simple job! However, it’s very important to find the agent who can best meet your needs. For example, if you are a first-time buyer, you likely don’t want to use an agent who has only worked with repeat buyers. As a new buyer, you will have different needs and require different guidance than seasoned homeowners, and your agent should understand this. Similarly, your agent should be very familiar with the area you are interested in. This will allow them to give you details on nearby amenities, schools, and services, and they will also have an understanding of property prices. You should take the time to research different real estate agents so you can find one who checks all of your boxes. This might take a bit of time, but it’s much better to go into the market with your perfect match, rather than rush the process.

Get pre-qualified

Your mortgage pre-qualification will be a huge boost when buying a house. Getting pre-qualified means receiving an estimate of how much a lender may be willing to provide you in mortgage financing. This process examines your current financial situation, and the current market, to determine where you might fall. It is important to understand your pre-qualification is not a mortgage approval, and does not guarantee you mortgage financing. The market may shift, or your finances could change, which could both impact your approval.

If a pre-qualification is only a tentative estimate, why bother getting one? Pre-qualifications help you understand your position in the market. This will guide you as you determine your budget, and the mortgage product that might suit you best. Plus, a pre-qualification means your potential lender already has a lot of your information on file. If you choose to seek your approval from the same lender, this can speed up the process.

Settle on your budget

Another big task, and a potentially intimidating one, is deciding on your budget. Purchasing a home is a huge investment and expense, and you may feel overwhelmed trying to figure out how much you can afford to spend. You have your pre-qualification, but this is not a hard confirmation of your purchasing power. In addition to our previous points above, a pre-qualification also treats a mortgage as your only major expense. It doesn’t closely consider your other financial obligations. To determine an accurate budget, you will need to use the help of your real estate agent and mortgage broker. As professionals who understand the market, they can compare your finances with interest rates, housing prices, and market conditions to settle on the right budget.

Narrow down your housing requirements

Before you start searching for your dream home, you should narrow down what that home should have. This examines your housing requirements, or things you must have to consider purchasing a property. Your housing needs could involve the number of bedrooms you require, parking spaces, access to transportation and amenities, etc. This doesn’t consider your housing wants, such as a finished basement or a pool. The more specific you can be about your non-negotiables ahead of time, the more productive your housing hunt will be.

Get in touch with a mortgage broker!

Finally, don’t forget the importance of using a mortgage broker when buying a house. We are your guides for everything involving interest rates, lenders, and mortgage products. Mortgages can feel complex, and our goal is to make it simple for you. Save yourself time, stress, and money by contacting a broker ahead of your buying journey!

Buying a house is a big step, and it will definitely be a memorable experience for you. In order to make sure you can look back on this journey with fondness, take the time to prepare. Sort out your finances, your housing needs, and your pre-qualification early, and let a broker help! We specialize in guiding clients through the mortgage process from start to finish, and we are here to make your buying experience a positive one.

If you have any questions about your mortgage, get in touch!