As of June 25, 2018, we’ve made some changes to the way our mortgage approvals work. You can read more about our Power Buyer ProcessTM.

The prospect of buying a home can seem daunting. There’s finding a real estate agent, getting a mortgage, and researching locations. Where do you even start?

Danny El-Haddad, a Home Loan Expert at Quicken Loans, was kind enough to stop by and discuss what you can do to get the purchase process off on the right foot in the latest video for the Quicken Loans Zing Blog Education Series.

His first recommendation is to sit down and really figure out your budget. This is key to determining how much you have for a down payment and what kind of monthly payment you can afford.

When looking at houses, the cliché, “location, location, location,” really is true. You’re going to want to take a look at the distance from work as well as from many attractions you might visit regularly. If you have kids, make sure to account for the proximity to and quality of local schools. El-Haddad said that while a real estate agent will know the listings in the area best, you can definitely use web sites like My Perfect Home to help you browse.

So, should you start with your lender or your real estate agent first? Danny’s answer: Get a preapproval. You’ll know exactly how much you qualify for. It will also help your real estate agent steer you toward houses in your price range.

I’ll let Danny take over. If you still have questions after watching the video, feel free to leave a comment below.

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This Post Has 4 Comments

  1. I appreciate the comment to determine how much you have for a down payment as well as what kind of monthly payment you can afford as a first step. My dad is in the market of looking for lots for sale, but to my awareness, he hasn’t yet considered the kind of monthly payment he would like. As far as location goes for him, my dad is hoping to find a place near a hospital for his medical needs.

    1. Hi Larry:

      I’m really glad you liked the article. If your father is looking at houses and trying to figure out how much he can afford, you can definitely have him contact one of our Home Loan Experts by calling (888) 980-6716. They’ll be very happy to help him go over his options. Thanks for reaching out!

      Kevin Graham

  2. Great advice but one idea I always play is – don’t spend up to your budget. The idea being that even though you want the dream home you’ll be stuck into this whirlwind where you’ve got to pay the maximum you can afford on monthly payments, giving no room for movement for rainy days.

  3. Great advice to figure out your budget first. You need to know exactly which houses you can choose from and which ones you shouldn’t even waste your time on. Thanks for sharing.

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