The Process of Buying a Home

The home-buying process can seem daunting, but when you break it into the individual steps, it can be far less scary.  Know from the beginning that it will take some work, but in the end, you’ll have a beautiful new home.

The first thing you want to do when you’re deciding to buy a house is to talk to someone about financing.  It’s not worth looking at houses until you know what you can afford.  Your options for starting the mortgage process are to work directly with your bank, or to work with a mortgage broker.  While banks offer some great options, their mortgages are limited to the programs they happen to be running.  A mortgage broker works with a variety of banks and lenders and can help you choose the best option.

Pre-Qualification:  While some  think pre-qualification is a worthwhile step, it’s really not.  Pre-qualification really just means that you’ve sent your most basic information to a lender and they’ve given you an estimate on what you can afford.  Before you can submit an offer, you’ll need to take the next step, Pre-Approval.

Pre-Approval: When you’re serious about buying a house, a pre-approval letter is your best bet for starting out.  You’ll need to provide some detailed information to your lender, but when you submit this letter with your offer on a house, the seller will take you much more seriously.

The Offer: