The Home Purchasing Process Starts Here

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Filed under: Borrower Tips

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Where does the home buying process really start? Most people start the process of purchasing a home completely backward. They start shopping for homes, even though they have no idea whether they can afford to purchase.

It is common to turn to resources online where you can start looking at listings to see the options in the area. It seems like a great place to start when you are looking for a home! But, remember that this online information is just window shopping if you don’t have the mortgage approval in place.

The Real Starting Point

It’s great to get a few ideas online, but the real place that you need to start is by talking to a lender. You need to get the financial piece in place so that you can shop for a home with confidence knowing that you have access to the money that will be needed for the mortgage.

People fall in love with houses, not taking on a mortgage. So, it doesn’t seem like fun to get the mortgage part out of the way early in the process. But, this step is essential so that you are prepared to buy the right home when the opportunity is presented.

You would be surprised to see how often people come to me with big dreams about the houses they found online, but they are shocked when I tell them what the payment would be on that home price. Keep in mind that many of the online mortgage calculators are incorrect and they don’t provide accurate information. The best solution is to talk to a mortgage professional for personal recommendations. Many other factors can affect the money that will be spent on the property, such as HOA fees, taxes, and more.

If you are serious about homeownership, then the first step should always be to get the mortgage piece in place. Talk to us at Franklin Loan Center so that we can do a full pre-approval and work through the numbers with you so that you know what to expect. We can help you figure out the right mortgage for your situation. Comment, share, and like this video! And, don’t forget that I’m always here to answer your questions if you need help with your mortgage.

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