What are your next steps once you secure a pre-approval?

Congratulations, you have been pre-approved for a mortgage! Once you have secured your pre-approval, you may be wondering what your next steps are. You have just cleared a big hurdle, but there are still several steps to go before you can call yourself a home owner! Here are some of the next tasks you should tackle along this journey. 

Find the perfect real estate agent

If you haven’t already secured a real estate agent, now is the time! Securing a pre-approval kicks off the process for you as a buyer. One of the most important assets during this journey is your real estate agent! Realtors are essential for a variety of reasons. First, they are your key to finding the most suitable properties quickly. Realtors know the ins and outs of certain markets better than anyone, and they will be able to help you narrow down your options efficiently. This will help you reach your goal of homeownership without the added stress of searching through hundreds of properties. 

Next, your realtor can help you understand what you can truly afford. Your pre-approval is a solid indicator of your buying power, but it is not the only measurement you should use. Your realtor will use real-time information and changing trends to help you narrow down the perfect budget. 

Finally, your realtor will be essential once the time comes to make an offer. Real estate agents know how to make an offer sound appealing and catch the seller’s attention. They can help you find the perfect offer that is competitive, but doesn’t go beyond what you can afford. All in all, your real estate agent is key to finding your perfect future home!

Consider your housing needs

Now is the time to start narrowing down your housing requirements. Although your real estate agent can help you find the perfect property, you can help them out by determining specific needs. For example, if you do not have a car and you rely on public transportation, you are likely better suited for a property in an urban area. If you have children, or plan on starting a family in the future, it might be beneficial for your home to have at least three bedrooms. You might also want to be close to family, which would narrow down your location range. There are a whole variety of needs and wants that you can consider before you really get into your housing search. The more specific you are, the more effective your search will be.

Tour properties and make an offer

For many people, the most exciting part of the home buying journey is touring properties! This is when the buying process starts to feel real, as you are seeing your potential future home in person for the first time. While it may be tempting to put in an offer on the first home you tour, don’t rush! It’s understandable to want to get in and out of the market as quickly as possible to reduce stress and take advantage of the first opportunity that comes your way. However, in the long run, it’s better to experience a bit of stress now if it means securing the home that is right for you! Once you do find the property you want to make yours, your agent will help you submit your offer. They can guide you through making an offer that is attractive to sellers, but still adheres to your budget and buying power. Once again, this is when the power of a real estate agent cannot be overstated.

Remember to stay on top of your finances!

It’s easy to get caught up in the buying process once you have your pre-approval. However, it’s essential to remember that your pre-approval is not a guarantee of mortgage financing! This means you have not yet secured a mortgage, and your finances will play a key role in helping you obtain the best product when the time comes. With this in mind, make an active effort to stay on top of your financial situation. Do not add onto any current debts, for example, or apply for new credit. Try not to change jobs so you can demonstrate a consistent employment and income stream. Basically, you want to either maintain or improve your financial condition. This way, you will be more likely to secure a product similar to your pre-approval!

After obtaining your pre-approval, you are well on your way to owning a home. This is one of the most vital steps in the process, and it gets the ball rolling for you as a buyer. If you need any assistance, you can always get in contact with your local mortgage broker! We are committed to helping you find the perfect lender and product. No matter where you are in your buying journey, we are ready to guide you to the next step and bring you closer to your dream of homeownership.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.