Congratulations, you’re ready to set off on the home buying journey. But what really goes in in the home buying process?
One of the first and most important steps in home buying process is figuring out how you will pay for the property. Will you be paying for the house in cash or will you need to obtain financing?
- If cash is your choice, either you, your wealth advisor, or banker will need to have a copy of your pertinent financials, or a letter verifying your assets.
- If you’re looking to obtain financing from a banking institution or mortgage broker, you’ll need to go through a pre-qualification process for a loan.
With a wide variety of lending options in the market today, finding the right option that fits your needs is easier than ever. A lender will evaluate your income, expenses, liabilities, and credit score, and determine what kind of loan you qualify for, and for what amount. Once the lender establishes your capacity they’ll issue what’s called a mortgage pre-approval letter.
Now that you completed one of the most important part of the home buying process and know the price range of homes you are looking for, you are ready for the exciting part of the home buying process.. Start looking for your dream home!
We are here every step of the way from determining your finance all the way to getting that key in your hand!
For more Buyer Frequently Asked Questions, click here.