If you’re a first-time buyer preparing for your first purchase, you’re going to need to get pre-approved to know where you stand on the home-buying scale.
To help you prepare for this important step in your real estate journey, here is a list of tips to make the most out of your mortgage conversations:
Know Your Budget
Nowadays with interest rates at 22-year highs, there may be a big difference between what you are approved for on a home purchase, and what you can afford.
During our meeting, we will advise on how you can make your home purchase as affordable as possible but before we can make these suggestions, we need to know what kind of payment is manageable and what will make you ‘house poor’.
So before scheduling your mortgage appointment, it is imperative that you have a grasp on your finances and what you afford to pay every month for a place to live.
A practical step is to do a monthly budget. Add up all your expenses, categorize them (Food, shelter, entertainment, etc.), and figure out what you could give up to make your home dreams come true.