Frequently Asked Real Estate Questions-Ep. 1

Should I get pre-approved before looking for a home? YES!

This is an extremely important part of the process and is most definitely the first step. You want to find out exactly how much you are approved for and make sure you get an estimated payment amount. You want to know that before so you can look at homes in the price range you are comfortable with. Also, you need an estimate of what the down payment amount will be required. This way you will know if you need to save additional funds or this may could change the price range you shop in as well. Here is what I recommend.

1. Ask around for referrals of Mortgage Loan Specialist. Ask your friends, family, co-workers and real estate agent. I am sure someone you know has had a good experience with one and will recommend them to you. I know some of the best in Omaha, you can always ask me for a referral.

2. Meet with at least two of them. Make sure you are a good fit. Have them explain the process to you. The more you know up front the easier it will be.

3. Get your income and asset information together.

4. Go through the actual pre-approval process with the Mortgage Loan Specialist you picked. You should get a letter stating you are pre-approved and an estimated cost sheet showing estimated payment and down payment. As well as interest rate and closing costs.

5. Call me! Or your agent. It is time to start shopping for your new home! Make sure you pick the right agent too. Someone who knows the market and will work hard for you.

Now you are prepared and know exactly what price range you can afford and are comfortable with. The process of purchasing a new home does not have to be overwhelming, you just need to know the right steps and work with an agent that can guide along the way.