Buying a house is a complicated process that involves a large network of different agents. If you are buying a home for the first time, I strongly recommend seeking professional help through every stage of the process. A trusted professional provides experience and insight as well as a network of professional contacts that you might not have access to otherwise.
What kind of professional help do you need, though? Consider hiring a buyer’s agent. If you work with the seller’s real estate agent, that agent ultimately has the buyer’s interests at heart. A buyer’s agent will be your voice throughout the process because they want to get you the best deal possible.
Your mortgage loan officer will also be one of your biggest advocates and can provide a fantastic network of the contacts that you will need. Loan officers work with real estate professionals, banks, lending agencies, home inspectors, and lawyers and can connect you with the best available resources.
Before you even begin looking for houses, contact your mortgage loan officer and secure a loan preapproval. Since the mortgage crisis of 2008, many realtors will not be willing to show you a single house until you have a letter of preapproval. This letter provides an accurate picture of your financial status and your loan eligibility and will show a realtor that you are serious about buying a home. This will also provide you with an accurate starting point for a budget.
Prequalification is relatively easy to obtain, but is a much less accurate financial picture. A letter of prequalification will NOT open the same doors that a letter of preapproval will. Go through the extra steps and show the seller that you are serious.
If you are a first-time home buyer and are confused or frustrated by the process of getting into your new home, give us a call today at (865)-909-0211. We have worked with many first-time buyers and we can help connect you to the professionals that you need. Keystone Mortgage provides Tennesseans with the best mortgage experience, period. So what are you waiting for? Apply here now.