What can I do now to be ready to buy in the future?

Dated: April 16 2020

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Buying a home right now might be challenging — touring in person is inadvisable in many cases, and prohibited in many areas due to public health orders. Job or economic uncertainty may also have you thinking twice about buying. But, there are still steps you can take now so you’re ready to act when the time feels right. 

1. Interview mortgage loan originators (MLO’s)
Not all MLOs are the same. And not all banks provide the same products and services. Now is a good time to ask your family, friends and Balestra Garcia Group agent for referrals. Set up interviews with potential loan originators. Ask questions about their virtual tools and communication methods as well as about products and services.
2. Identify your price point
Knowing how much you can afford, and want to spend, is essential when beginning your home search. Having this information upfront will save you hours of house hunting. Many agents will require a pre-approval letter from a lender before allowing tours. You can read more about pre-approval letters below.
3. Learn your preferences
Once you have an idea of what your family can comfortably afford, you can begin exploring what is available in different neighborhoods. Take notes of what your dream home “must haves” and “would like to haves” lists are. The key to finding the perfect home can often be prioritizing your families needs.
4. Gather pre-approval materials
A pre-approval letter is usually valid for 60 to 90 days, so you don’t need it until you are ready to start looking at homes. But make sure you have the documents you’ll need, such as tax returns, W2s, pay stubs and bank statements. Most lenders will also want to see evidence of your down payment. If you’re getting help from friends or family and the money isn’t in your account, you may need to secure the funds prior to pre-approval or provide documentation showing when the funds will be available. 
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Annette Balestra

Annette Balestra is a certified Pricing Strategy Advisor (PSA), her analytical passion positions her clients with an added value when negotiating. In addition, she worked as a paralegal for 7 years pr....

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