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

Need help? Get a list of local lenders to help make it happen for you.


1) Declutter and Organize
2) Depersonalize
3) Consider Inspection Items, including pest and radon

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Judy McCloskey

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

Find the Right Space - Right Now


When it comes to buying and selling real estate, the best use of time is talking with your realtor and your lender. If you're not working with a lender and would like to start the pre-qualifying process before looking at homes, indicate so in the comments 


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Real Buyers Budget First, Then Pre-Qualify

Buyers who look at homes before knowing their budget are recreational window shoppers without purpose or means. Without substantial data, how is it possible to determine whether they can afford to buy a house or what their price range is? These are not buyers at all- yet.

In this Northern Virginia market, some real estate agents only offer home tours to Buyers who provide a copy of the lender's pre-qualifying letter. I am one of them. Why 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) Decide on a reasonable dollar amount to commit towards a monthly mortgage payment

4) Pre-qualify with the lender of your choice. 

If you the lending institution says you qualify for an amount in excess of your  household budget and comfort level, stay on point with the household budget. You want to be able to celebrate a loved one's birthday.

If your dream home requires over-extending financially, then understand that you are running the risk of turning a dream home into a financial nightmare.

To transform home ownership dreams into reality, stay on point financially and buy within your means. Buying within budget is smart.

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 local lenders, I'll be happy to provide it upon request. Lender consultations are free of charge as of this writing (June 2019). It can be one of the best uses of your time. Topics to address with your lender can include how to:

- improve your credit score
- strengthen your financial position
- reduce down payments
- reduce the total cost of the loan with additional payments towards principal only
- focus on homes within your financial reach
- and more.

Here are a topics to discuss with your agent and your lender:

  • 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, what type of loan would best meet your mortgage needs? 
  • 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. To do this, know the amount your household budget can support for a mortgage payment- and home maintenance. If you know in advance what your household budget will allow, that's a great starting point for the lender to find a loan that works for you.

Loan pre-qualification starts with a phone call.  

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, Seller's market, etc) this one step places your offer above the rest.

Stay within budget and enjoy the home you buy!

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

(c)2018 Judy McCloskey, Realtor
Revised June 2019.

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Judy McCloskey
Weichert Realtors

1313 Dolley Madison Blvd
McLean, VA 22101
Phone: 703-795-1099
Fax: 703-760-8939


"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 D. & Josh W.
"She advocated for us every step of the way and we were able to move into a property that we fell in love with, largely due to the guidance that she offered ... She made the search process seamless and comfortable. It was especially appreciated that she openly expressed her opinions about the properties we viewed, using her expertise to identify concerns that we would not have noticed. It was clear that she has her clients' best interests at heart, and I have already begun to refer her to friends."   Tameka P.
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When it comes to buying and selling real estate, the best use of time is talking with your realtor and your lender. If you're not working with a lender and would like to start the pre-qualifying process before looking at homes, indicate so in the comments 


* fields are required

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