Before you begin seriously looking at houses, you should have two professionals on your side:
A mortgage lender
A real estate agent
You can start by talking with either one first, but you will need both members of your team in place before you start house hunting.
Why You Need a Mortgage Lender
A mortgage lender is the company or professional that helps you finance your home purchase. In simple terms, they help you determine how much home you can afford and what loan options are available to you.
One of the most important things a lender does is help you get preapproved.
Preapproval is a process where a lender reviews your income, assets, credit, and financial situation to estimate how much money you may be able to borrow. This gives you a realistic budget before you start shopping for homes.
Without a preapproval, you may spend time looking at homes that are outside your budget or miss opportunities because sellers often prefer buyers who have already been preapproved.
A lender can also explain:
Monthly payment estimates
Down payment options
Closing costs
Loan programs that may fit your situation
Ways to prepare financially before buying
Why You Need a Real Estate Agent
A real estate agent represents you throughout your home search and purchase.
They help you:
Find homes that match your needs and budget
Schedule showings
Research neighborhoods
Write offers
Negotiate with sellers
Guide you through contracts and paperwork
A good real estate agent understands the local market and can help you avoid costly mistakes.
While online listings are helpful, they don't replace the expertise and guidance of a professional who works in the market every day.
Which One Should You Contact First?
The good news is that there isn't a wrong answer.
Some buyers start by speaking with a lender because they want to understand their budget first.
Others begin by talking with a real estate agent because they want to learn more about neighborhoods and the local market.
Either approach works.
However, before you begin actively touring homes, you should have both a lender and a real estate agent on your team. They work together to help make sure you're looking at homes that fit your financial goals and that you're prepared when it's time to make an offer.
Interview Several Professionals Before Choosing
One of the biggest mistakes first-time buyers make is hiring the first lender or agent they talk to.
Just like you would interview candidates for an important job, you should interview multiple lenders and real estate agents before making your decision. Check out their reviews or references as well, to make sure that their answers to your questions match what other people are saying about them. Remember, actions speak louder than words.
You want professionals who communicate clearly, answer your questions, and make you feel comfortable throughout the process.
Questions to Ask a Mortgage Lender
Consider asking:
What programs are out there to help me afford a home and get my monthly payment down?
What loan programs do you offer for first-time buyers?
What down payment options are available?
What are typical closing costs?
How often will you communicate with me during the process?
What is the best way to reach you if I have questions?
How long does it typically take to get preapproved?
What makes your team different from other lenders?
Questions to Ask a Real Estate Agent
Consider asking:
How long have you been working in real estate?
How familiar are you with the areas I'm considering?
How will you help me stay on budget?
How often will we communicate?
What is your availability for showings?
How do you help buyers compete in a competitive market?
Can you explain your approach to negotiations?
What do you think first-time buyers should know before getting started?
Build Your Team First
The homebuying journey becomes much easier when you have the right professionals supporting you from the beginning.
Before you spend hours searching online listings or attending open houses, take time to build your team. Interview a few lenders and real estate agents, ask questions, and find professionals you trust.
Once you have both a lender and a real estate agent working together on your behalf, you'll be in a much better position to start your home search with confidence.
Ready to Take the First Step?
Register for a Free Homebuyer Class
The Gilli Team
Kendrick Gilli NMLS#1561848
Janna Gilli NMLS#2191229
Fairway Home Mortgage NMLS#2289
Equal Housing Opportunity
AZ Mortgage Banker License #BK-0904162
Licensed Nevada Mortgage Lender
Licensed in WA, ID, CA, MT, TX, AZ, NV, FL, and CO.
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