Starting the Search for Your First Home

Thinking about buying your first home, but you aren’t sure where to start? Read on to find out what your first steps should be, and things to consider as you move forward on this exciting endeavor.

The first step towards homeownership is determining your budget. Before scoping out open houses, it’s important that you know what your ideal price-range is. This is where a credit union, bank, or mortgage loan officer can help. Prior to meeting with a mortgager, you'll also want to make sure you have a basic understanding of the different types of loans available (conventional, FHA, VA, etc.) and how much you're comfortable contributing towards a down payment. For up-to-date information on mortgages & other relevant financial info, check out www.consumerfinance.gov.

Once you have a basic idea of the mortgage process, you should reach out to a lender to discuss your options and hopefully get pre-qualified for a home.

Pre-qualification vs. pre-approval

In order to put a competitive offer in on a home, it's important that you are pre-qualified — but pre-approval is even more powerful. A pre-qual is a loan estimate given by a lender based on personal financial information you provide. Pre-approval, however, is the next step after pre-qual in which a lender dives deeper into your financial information and examines your creditworthiness.

If you receive a pre-approval letter from a lender, it’s an offer to lend you a specific amount, but not a full commitment. Pre-approval letters are typically valid for 90 days, and they can give you an edge when it’s time to put an offer in on a house.

I’m pre-approved, what now?

Once you're pre-qualified or pre-approved, you can start searching for your new home! You'll want to consider what your "must haves" are, anything you'd like to have, but can live without, and your ideal location.

Keep a look out for my upcoming blog post on Surviving Escrow, which details the process once you have an offer accepted. And if you’re interested in buying or selling a home in Tucson, contact me for guidance.

Julia Van Valkenburg, REALTOR

OMNI Homes International

julia@buyselltucsonhomes.com

520-275-3514 

Start your search today! Check out these homes available in the Tucson area.