Stepping into the buying market, especially for the first time, can be a bit overwhelming. You may have a lot of questions and that is completely normal! One of those big questions is, at what point should you get pre-approved for your mortgage? Should you talk to an agent first? Should you look at houses first?

The truth that while the first two steps of the buying process (getting pre-approved and finding an agent) are somewhat interchangeable, there are definite benefits of finding an agent first. If you are a first time buyer, are unsure of who you want to use as a lender, or want to find an expert who can help you feel confident that your decision to buy right now is the best one, finding an agent first would be a huge advantage.

Real estate agents will typically have great relationships with local lenders, which can not only benefit you but also may help you when presenting your offer, as many sellers want to see familiar names and solid financing options to ensure they are choosing the best offer to move forward. They also know what lenders specialize in various types of mortgages and therefore can direct you to the right lender for your situation.

If, however, you already are confident in who you want to use as a lender and how the process works, you may choose to get pre-approved first. You can also choose to attend home buying workshops run by various organizations, I’d recommend doing some research before choosing one, but they can be very beneficial to not only helping you understand the process, but potentially helping you qualify for other benefits when you get your mortgage.

Getting a pre-approval BEFORE you start touring homes is going to be a huge advantage for you, especially in a seller’s market:

1. Many agents require them for safety reasons. Spending time in empty homes with strangers can be a dangerous job. A quick Google search can reveal some very scary stuff. Having a pre-approval can give an agent confidence that you are a serious buyer and help provide a level of confidence that they are safe with you. So without a pre-approval you may be limited on your choices of agents and rule out many of the best ones in your area.
2. Your pre-approval is going to give you confidence in what you can afford and the homes you should be focusing on. Sometimes what you feel you can afford and what a lender tells you are different numbers. You don’t want to waste your own time looking at places or worse falling in love with one that you later find out is not going to work for you.
3. Once you find a house you love, the process can move very quickly. Having to stop and wait for a pre-approval could cause you to lose the house. Most sellers are going to want to feel confident that the offer they accept will not fall through so they will look specifically at whether a buyer has a pre-approval before accepting. Not having this done can put you in a disadvantage, especially in a tight market.

Buying a Home is a big deal. It is most likely the biggest purchase you will ever make. Having a great agent by your side will make the process easier and increase your confidence. Please feel free to contact me at 703-969-4677  or through email at abbiesroadtohome@gmail.com with any questions or to set up an appointment today! If you don’t reside in Virginia but need assistance, I still happy to help.  I also have amazing resources to connect you with the best agents in your area!