The game of chess requires you to plan and think about your strategy from the very beginning of the game. The home buying process, like chess, also requires planning and strategy. Here are a few things to keep in mind to ensure your plan is strong when you begin your home search.
Pre-Approval: The Homebuyer’s Queens Gambit
It’s important to have a great opening play when you’re buying a home. And the best move you can make is getting your mortgage pre-approved.
Know your credit score. When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. It’s important to find out your score so you know where it falls. If you’re not sure if it’s strong enough or where to focus your energy to improve it, meet with a professional for expert advice on your individual situation.
Freddie Mac states, “The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan guarantee, it simply states how much your lender is willing to lend you.”
Determining how much you can afford is critical, the pre-approval letter also serves another important purpose. Freddie Mac also notes, “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”
In the game of chess, a strong opening move signals to your opponent that you’re a serious competitor. As a homebuyer, your pre-approval letter signals to the seller that you’re a serious, interested buyer.
Buying a Home: It’s a Team Game, Not a Single-Player Experience
Every step you take to create your strategy as a buyer is important in today’s market. Mortgage rates are still low but will be increasing. Prices are going up. There’s a limited supply of homes for sale.
That means leaning on expert guidance as you plan every move is more important than ever. Have a team of professionals – like your trusted real estate agent and a loan officer – every step of the way to make sure you make the right moves.
Explore your down payment options. Buyers should discuss this with their mortgage lender, financial advisor, accountant, and real estate agent to make sure they choose the program that best suits their needs.
Your Crystal Ball: Think About What You Need in Your Future Home
Think about your lifestyle, what you want and need in your new home. Is being close to work important? Do you need a large backyard? Do you want an extra bedroom or home office? Condo or detached home? The ball is in your court.
Buying a home can feel like a big challenge. Your real estate agent can guide you and make sure you’re able to take advantage of the great opportunities in today’s housing market to buy your dream home.
Stay On Top of Your Game
Getting a pre-approval letter isn’t just a good strategy, it can be game-changing. It allows you to get a full understanding of what you can afford, and it signals to sellers that you’re serious. Contact a real estate broker at Wenzel Select Properties today to ensure you’re on top of your chess game and being strategic during the home buying process.
Team Wenzel will offer expert real estate assistance tailored to meet your unique needs. Whether you are buying, selling, or renting a home, we thrive on finding you the perfect home to fit your budget. Our real estate agents will provide you with personalized support throughout the entire real estate process. Call Wenzel Select Properties today at 630.430.4790. We are conveniently located at 4941 Main Street, in the heart of downtown Downers Grove by the train station.