First Time Home Buyer-You are Pre-Approved for a Home Loan! What Now?

Congratulations! Now for the fun part! You have been pre-approved by a lender for a loan on a home mortgage. What now? What does this mean? Are you ready to buy a house in San Diego? You may be overwhelmed, especially if this is your first home purchase. I completely understand how you are feeling. A little nervous and apprehensive but also super excited about this big life decision that you are undertaking. Let me reassure you that you will be walked through the whole process, step by step. Remember that you can always ask questions about anything. You will want to choose an agent to work with that will keep you well-informed. What amount was the pre-approval for? Did the lender give you an approximate monthly note? Your mortgage note consists of the loan amount called the principal, interest, property taxes, and homeowner’s insurance on the home. Consider your current budget and income and see if the mortgage note will be reasonable or if it’s too much of a stretch. It could very well be lower than your current rent. Next, there are several factors to consider when working with your realtor on the home search. You will want to consider these before hitting the streets and looking at houses. Location/neighborhood- What area of town do you prefer? Do you want to live near your work, family members, a child’s school, or even a park? How many bedrooms and bathrooms would be ideal for your needs? Do you prefer modern or updated homes, or do you want a fixer-upper? How about a yard? Big, small, or none? In the beginning, you may pick a few different homes to view to see if you will like the area or a certain type of home. Your agent will select several homes for you to view based on your criteria if you have not already selected a few that you have seen online. While you are on your tour, it is very important to give your agent feedback on your likes and dislikes of the homes. Remember too, that it is okay if your second house that you see is your favorite. Previewing online has made it easier to eliminate homes quicker these days. Keep in mind, that the paint colors and carpet are very easy fixes to make to a home, if that is the only thing that you dislike about it. Floor plans and the condition of the home are very important when making your final decision. You will also be looking at property disclosures, which is a required document that a seller fills out to the best of their knowledge to inform the buyer of any known defects, such as the dishwasher being inoperable or the roof being 25 years old. There are a few exceptions to this rule for property disclosures. Are you ready to make an offer? If you find your dream home today, are you prepared to move forward on buying your dream home? It’s a fast-moving seller’s market right now and properties are getting snatched up very quickly. If you are ready to start the process or have more questions, I would love to work with you and help you through the process, all the way to handing you your keys to your new home. My team and I are always here to help. Please reach out to us at any time at 858-336-1114. You can also reach us at [email protected]