Are you ready to transform your home ownership goals into reality? 

1) Know your credit score
2) Know your household budget
3) Get pre-qualified

Ask for a list of local lenders to help make it happen for you.

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Judy McCloskey

Judy McCloskey
Residential, Commercial & Lux Rentals
Weichert, Realtors
McLean, VA 22101

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Real Buyers Budget First, Then Pre-Qualify

A Buyer who looks at homes without first knowing what they can afford as a mortgage payment and home ownership expenses is like a recreational window shopper without purpose or means. They have no substantial data as to whether they can afford to buy a house or what their price range is, and therefore can't be called buyers at all- yet.

And in a competitive market like here in Northern Virginia, some real estate agents will only offer home tours to Buyers who provide a copy of the lender's pre-qualifying letter. Sound unfair? Not to an agent representing a seller's best interests. They won't waste the seller's time with unqualified buyers and recreational window shoppers.     

So, how do you become a qualified buyer?

1) Know your household budget

2) Know your credit score

3) Then decide on a reasonable dollar amount to commit towards a monthly mortgage payment

These three steps prepare you for the lender's pre-approval process.

Buying within budget is smart. If your dream home requires over-extending financially, then understand you risk turning a dream home into a financial nightmare.

To transform home ownership dreams into reality, stay on point financially and buy within your means. How?

Learn about the many types of mortgages and find one that best suits your household budget and mortgage needs. An independent mortgage broker can show you all the loans you qualify for and explain their differences.

If you need a list of lenders, I'll be happy to provide a list of several local lenders. Consultations are free and offer sound advice on how to increase your credit score, strengthen your financial position, reduce down payments, focus on homes within your financial means, and more

Here are a few questions to ask your lender or your realtor:

  • How abundant/scarce is the housing inventory? Is this a Buyer's Market or Seller's Market? 
  • Are interest rates increasing or decreasing?

And a few to ask yourself:

  • Given your household budget, do you need fixed mortgage payments or is an adjustable payment manageable? 
  • Do you plan to refinance after a few years?
  • Will you occupy the property or rent it?
  • If property is to be your primary residence, will you resell the property within five years or live in it "until the wheels fall off"?

Discuss candidly your budget and home ownership goals with both your realtor and mortgage broker. To do this, know the amount your household budget can support as a mortgage payment- and home maintenance. If you know what your budget will allow, that's a great starting point for the lender to find a loan that works for you.

Loan pre-qualification can start with a brief phone call to your lender of choice.  

Getting a lender's pre-approval letter identifies you as a "ready, willing and able buyer" in the eyes of the seller, and facilitates the process of submitting an offer. In a highly competitive market (low inventory, multiple offers, etc) this step places your offer above the rest.

And staying within budget affords peace of mind and allows you to fully enjoy the home you buy.

Are you ready to begin? Contact me for a list of local lenders.

Already pre-qualified? Email the list of properties your wish to preview to me at VitaBellaProperties "at" gmail.com, and we can start scheduling today.               

(c)2018 Judy McCloskey, Realtor VitaBellaProperties.com

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Judy McCloskey
Weichert Realtors

1313 Dolley Madison Blvd
McLean, VA 22101
Phone: 703-795-1099
Fax: 703-760-8939
Email: vitabellaproperties@gmail.com

Testimonials

We cannot thank you enough for your tireless guidance and help throughout our first home buying experience. We really appreciate your patience and the time you've spent with us during our search. Your experience and diligence in answering our gazillion questions helped us feel confident going forward and made this process much less stressful and daunting. We are so, so excited to be owners of the awesome home you helped us find! Jess & Josh
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