mortgage broker, you’ll have more options available to you, from different lending agencies, because they work independently and they work for you, not for any company or personal interests.
RESEARCH HOMES WITHIN Y MES WITHIN YOUR BUDGET
Once your finances are in order and you’re working with a qualified mortgage broker, research homes that you can afford. Chapter 17’s first step in the 12-step guide to buying a home is finding out what you can afford. Don’t waste your time looking for homes that you can’t afford, especially if you happen to find “the one” — your perfect next new home where you can picture yourself living out your golden years in peace and relaxation. Stick to your budget to avoid disappointment and wasting everyone’s time. Once you have found the right home within your budget (please refer to Chapter 15 for a guide to searching for the right home and the overall home-search process), how do you get the best mortgage deal? Follow the steps below to get on the right track and get the best loan deal that works for you.
Step #1. Be Prepared Financially
I’ve said it before, and I’ll say it again: you must be financially prepared before you attempt to lock in a mortgage rate. In fact, financial preparation is key to the entire home-buying process, and you need to start here. Think about it. What’s the point of searching for a new home, finding “the one,” locking in a great rate, and even trying to put in an offer, only to have it all fall apart because you aren’t prepared financially? You’ve not only lost out on a great loan rate, but you’ve also wasted time and energy, which is definitely not something you need while you’re in the process of downsizing! To refresh your memory, some of the pieces of financial preparation include:
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