One of the first and most important steps in your home-buying journey is taking an honest, objective look at your finances. Knowing how much you can comfortably invest in your new home impacts every part of the process, from the mortgage programs you qualify for to how we write your offer, and ultimately which homes fit within your budget.We often get asked, “When is the right time to buy?”Our answer: When your finances are in order and you’re ready to start thinking seriously about it.Waiting for property values to drop might mean facing higher interest rates. Waiting for interest rates to fall could mean dealing with rising home prices. It’s all a matter of supply and demand.

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Things to Consider:

 

Get “Pre-Approved,” Not Just “Pre-Qualified”
This crucial step follows your financial assessment and helps you avoid falling in love with homes outside your reach or being disappointed by loan limits. Plus, a pre-approval, specifically a DU (Desk Underwriter) approval, puts you in a stronger position when negotiating with sellers.

 

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Direct Lenders vs. Mortgage Brokers
When shopping for a loan, consider working with an experienced mortgage broker. Unlike direct lenders, like banks or credit unions, who offer only their own rates, mortgage brokers shop around multiple lenders to find you the best options. Brokers often have access to “wholesale” rates, which can save you money.

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Buyer Representation Matters
While dual agency can sometimes work, having your own agent solely focused on your interests is always the best choice, especially since a listing agent’s primary fiduciary duty is to the seller, even if they are also representing the buyer. Plus, because you can ask the seller to include compensation for your agent in the purchase offer, you can have dedicated representation advocating for you every step of the way at little to no cost. Self-representation is generally not recommended.