Yep, I said it.
How can buying your first home cause death, due to sheer frustration, you just might kill yourself! It can also cause convulsions and paralysis, because drinking that bottle of draino underneath your sink might seem more enticing then dealing with what can seem like an overwhelming process. PUT DOWN THE DRAINO, I CAN HELP!
All joking aside, it doesn't have to be stressful. Your first step should be to speak to a lender! But Carlos, I want to find something that i like first, THEN get a pre approval letter. Of course you do, you are scared, its a commitment that your not prepared for. Your not sure if you will find a home that you like, I know. Keep this in mind, your time is valuable, dont waste it. You might be looking at homes that are out of your price range, or at fixers when an fha loan is what you will qualify for (fha loans require a move in ready property, fha 203k is the exception). Get pre approved!
Ok, your concerned that getting preapproved might affect your credit score negatively, understandable. The answer is....it might. It depends on what type of information the lender uses for the preapproval, some companies provide approvals based solely on information you give, such as bank records and pay stubs, This does not affect your credit score. Some companies will pull your credit report, if they make an inquiry to the credit bureaus, that can affect your credit score the same way as any other inquiry. If you are really serious about purchasing a home then you will need one either way, so do it!
Step #2, go to open houses, decide which areas you are interested. Speak to Realtors, find someone you trust.
Do you want to search for your next home like a real estate pro? Visit www.carlosjamador.com
Carlos J. Amador
RE/MAX North Orange County
Direct Phone Number: (562) 833-4292