real estate

Buying your 1st home? 5 signs you're ready

Real Estate » Buying Your 1st Home? 5 Signs You're Ready

Get preapproved
Get preapproved © LDprod/Shutterstock.com

Very few people have enough cash to buy their first home without a mortgage. Rather, most need financing to afford today's home prices.

Realtors know that all too well, which is why many won't spend much time with would-be buyers who haven't had a serious talk with a mortgage professional.

As Jay Dacey, a mortgage broker for Metropolitan Financial Mortgage Co. in Minneapolis, explains, "A good Realtor will ask you what your criteria are and set up a search through the MLS for you, but a good Realtor is also going to say, 'The next step is for you to contact a mortgage professional and make sure you're preapproved.'"

The loan approval process is no different for first-timers than it is for experienced home purchasers, Dacey adds.

Shop for a mortgage on Bankrate.com .

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Polyana da Costa

Borrowers get $2.5B from Citi

About $2.5 billion of Citi's $7 billion settlement will go to consumers  ... Read more

advertisement
Partner Center
advertisement

Connect with us