Getting Ready to Buy

Getting ready to buy a home can feel like a daunting task.  The gravity of the decision can be enough in itself, but along with that comes all the little competing voices telling you how you should go about the process.  Things you’ve heard from parents, friends, and the internet can all pull you in different directions.  In this and subsequent blogs, we’ll explore the basics of getting ready to buy so that the process is as painless as possible.  We’ll also try and put to rest some persistent bad advice new buyers tend to get.  First up is how to talk to a loan officer.

Getting Ready to Buy – The First Step

You might feel tempted to start stalking Zillow looking for the perfect house, and that’s where most buyers begin, but don’t start there.  First call your loan officer and get prequalified!  Getting ready to buy means getting ready to budget and to figure out what you can afford so you can move forward confidently.  You don’t want to call a realtor first, either.  The first thing they’ll ask you (if they’re worth your time at all) is “are you prequalified?”  Realtors know it’s pointless showing a buyer around if they have nothing to show they’re serious and financeable.

How do you start talking to a loan officer?

Getting ready to buy means talking to a loan officer and many new buyers approach this essential task on high alert.  This is not the time to be guarded!  Do a little research and find a local lender who is experienced and has great reviews (like Caroline!).  Give them a call, chat about your situation, and fill out an application.  Your loan officer can’t do their job without an application and you’re only hurting yourself if you try to get by on “estimates.”  They mean nothing and they are very likely to change once you actually fill out the application.  Did we mention filling that app out is inevitable?  Do it early and save yourself a headache!  

But what about my credit?

You should take credit seriously and take care of it, but it’s not a holy relic displayed behind glass; it’s meant to be used and the credit bureaus know that!  This is where fears are simply unjustified.  Having one pull is not going to tank your credit.  Even multiple pulls will do little if they are in a short time period and from the same type of company (i.e. financing).  If you’re serious about buying a house, then pulling it now vs. two weeks later when you’re under contract shouldn’t matter. 

Let’s Get Started

If You’re ready to get started, reach out to GoPrime Montana. Our team would like to help you get started on the homebuying process and answer any questions you may have.