When should I talk to a Lender?

Buying your first home can seem very daunting! I was there once. Everyone is called a Broker, mortgage broker, real estate broker….! I didn’t know who I should call if there was a house we wanted to see. I knew we needed a loan to purchase the home, but didn’t know if we should call them before we found the house we wanted or after? Years later as a Real Estate Broker, I have narrowed it down to three easy steps. (Ha!) Find your lender, Find your Realtor, Find your Home.

Step 1: Find your Lender

A lot of buyers are wary of this step and I can understand why. We were all 20 once and made some financial/credit decisions we wish we could forget. #trampstamp #skeletonsinmycloset. The good news is your lender will be someone who joins your team of professionals who will work to help you purchase the home you would like to buy and will be discreetly in your corner.  Most Mortgage Lenders are paid on commission and are governed by very strict regulations that ensure your private information remains so. Translation? They will only be paid when you complete the purchase of your new home and will keep their lips zipped while helping you do it. It would be in your best interest to start asking for recommendations from friends, family and co-workers as soon as you think you might be interested in buying a home or property. Lenders can see your complete credit story and will see things in your credit history that will hinder or help you when you go to buy a property. Some Buyers are qualified and ready to buy within 15 minutes of talking to a Lender, while other Buyers need to wait six or twelve months before they can be approved to buy. Most Lenders will do an amount of credit counselling or send buyers to credit counselors they know get results in order to help the buyer get to a place where they can buy. As a result of their knowledge of the credit industry they can give you invaluable advice on things to do and not to do while preparing to buy. In my opinion, if you are thinking you might want to buy a new home next year; you should talk to your lender asap to help ensure you are in the best position possible to buy a home when you go to do so.

Step 2: Find your Realtor

San Juan County has several amazing, professional, kind, savvy Real Estate Brokers who are licensed professionals. Licensed to protect the public and help you find the property you are looking for. Find one you gel with and have fun! This is one of the largest purchases some people make, finding a Real Estate Broker you are comfortable with to help guide you in our local market can be an invaluable asset to your time and purchase.

Step 2: Find your Home (Property).

This is the fun part! You might already have a property in mind, or a general idea of what you are looking for. Going in with what I like to call a make or break list can help you narrow down the choices. Drive by the potential properties you are interested in and schedule a time with your Real Estate Broker to go and see your top 3-5. Do a pro vs. con list for each property you see to help keep them from running together. When you are ready make your offer, close on the property and move in.

Keep in mind there is no such thing as a perfect property, even if you build a home - by the time it is completed you will think of something that would have been a great addition. We are always growing and changing as people and so are our wants and needs.