Get pre-approved for a loan before you begin shopping for a home (does not apply to re-financing). This will help determine your price range and approximate monthly payment. A pre-approval letter from your lender will let the Realtor know that you are a serious buyer and that you are qualified to purchase a home.
Keep your mortgage lender and real estate agent informed of any changes that may affect your loan approval.
Provide as much documentation to the lender as possible. By doing this, it will help you qualify for the best loan available and take care of all the details early in the process. This will help to prevent any changes or delays later in the loan process.
Enjoy shopping for a home! Often, this is the single most important financial decision people make in their lives and you want to make sure it is the right one.
Duties of Your Real Estate Agent:
Put together a database/list of homes currently on the market that meet your criteria. Criteria may include type of property, number of bedrooms, number of bathrooms, a one or two car garage, etc.
Set up showings of the homes that meet your criteria.
Help determine the marketability of your current property.
Write and submit a contract on the property you are interested in buying. The Realtor should assist in negotiation with the seller pertaining to the contract.
Submit a copy of the signed contract to the lender, once it is accepted, so that the lender can move forward with your loan process.
