Who to Talk to First When Buying a Home

Home listings are ramping up and the chances of finding the perfect one are increasing! As you begin to explore the possibility of making a move this year or are chatting with a potential buyer, what sort of real estate professional do you think of reaching out to first? Here’s why connecting with a mortgage banker early on will set you up for great success.

Financial Preparedness

If you have questions about being financially prepared to buy a home, you may turn to your financial advisor first. However, what is in the bank and your monthly budget are just two pieces of a puzzle containing many, many more that also need to be put together.

For example, you and your financial advisor might look at how your assets and income fit into the picture of obtaining a conventional mortgage. What a mortgage banker will do, is use their knowledge and tools to put together loan programs and tools that make the most out of what you have. Puzzle pieces like down payment assistance, an interest rate buydown, or an alternative loan program can go a long way in turning your finances into a path toward getting the home you want.

A good route to take is to discover the perfect loan scenario with your mortgage banker and find out how much or how little you need to achieve it. Then, get together with your financial advisor to review your plan.

Competitive Edge

Talking about your wishlist with a real estate agent is undoubtedly a very exciting part of the home buying process. But taking the time to meet with a mortgage banker before you dive into the home search with a Realtor is always a plus. By doing so, you’ll know your budget, determine your comfort level, learn about competitive tools, and get pre-approved.

Getting pre-approved before a real estate agent takes you out on showings is key because, if you find your ideal home on the first day of looking with your agent, you’re already in a position to make a serious offer. The housing market is moving fast and being able to make serious offers (which are more competitive) is vital.

Personalized Advice

Your financial advisor and real estate agent can share plenty of knowledge about home financing being that they are real estate professionals. However, this information will likely be a little bit more generalized. To find out answers about affordability, qualifying requirements, and the latest tools and programs that apply to your unique buying situation, talk to a mortgage banker. We’re here to help you put your best foot forward on the path to homeownership.