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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