When people first begin down the path of buying a home they often feel overwhelmed. When they sit down and meet with a lender or their Real Estate agent there are words being used that seem comfortable for the professionals in the industry but for everyone else it might as well be a different language. For this reason I thought it would be helpful to do a Q and A with a client, a single woman who just recently bought her first home. Here’s what she had to say…
Q: What was some of the most important criteria for your first home?
— Something in my price range and something that I could afford with a single income with room to spare
— I wanted something I could grow into if needed
— I wanted a good neighborhood, close to good schools ( for the future and if I needed to resell easily/quickly)
— 2 car garage because it’s nice to be able to have extra storage!
— A decent yard for my puppies!
Q: How did you know that your lender was the right fit for you?
A: I knew that my lender was a good fit when they thoroughly explained the entire process to me. They explained every single step. They also talked about personal and professional experiences in regards to the market and things to look for when buying a house. They had great insight and really made me feel like they had my best interest at heart. They overall made me feel comfortable.
Q: How did you know that your house was “the one”?
A: I knew my house was a good house because it fit all my criteria. Growing up in Florida you also think about things like flood zones, CBS vs wood frame, and hurricane shutters/protection. These were all key in knowing that my house was “the one”.
Q: What is a pre-approval letter and why is it important?
A: A pre-approval letter is basically a letter informing a seller/realtor that you have been pre-approved by a lender up to a certain amount of money. It shows proof that you have done your homework, you are serious about buying, and also shows if you can actually afford the house you are putting an offer on.
Q: What surprised you the most about getting a loan?
A: How much I could actually get approved for on a single income. I think people can get into a lot of trouble if they look into homes that are at the top of their loan budget.
Q: What were your biggest fears when you started your home buying process?
A: That I was going to lose my job and have my house foreclosed on, it’s
the fear of the unknown, you never know what the future holds and you just have to prepare yourself financially.