How to get started

My DH and I have decided it's time to grow up and buy a house

We browse online all the time, we have an idea of what we can afford (we pay a lot for rent now) and where we want to live...but to officially get going what is our first step?

Do we get pre-qualified or pre-approved? What is the difference? Do they expire once we get them?

Once we have all of this, do we just contact a real estate agent?

I've heard of different grants for first time home buyers, does anyone have any experience with anything like this??

I feel kind of clueless, so I apologize if my questions seem silly! But thank you in advance for any feedback!

Re: How to get started

Don't feel silly for asking questions! It's a big step, and it's important to educate yourself. A big part of that is working with the right professionals.

The first step is to figure out your financing and get preapproved. Many people use prequalified and preapproved in the same way, but a preapproval is stronger and is based on a more in depth look at your financial situation (e.g., credit report, debt-to-income ratio).

Let me know if you need a recommendation for a reputable mortgage professional. A preapproval doesn't "expire" the way an actual mortgage commitment or rate lock does, but it does become stale after awhile. So if I am working with someone for months and months, I usually tell them to get an updated preapproval once theirs is more than a couple of months old. A very old preapproval become worthless -- people's financial situations can change, lending criteria can change, etc.

But getting preapproved by a lender doesn't commit you to that lender. You are free to get preapproved by more than one lender and change your mind on who you will use for a mortgage. People do it all the time. I've had customers make an offer using a preapproval from one lender, and then decide to use another. I've also had people who have changed lenders once they've been in contract!

Once you have your preapproval -- or while you are working on it -- the next step is to contact a real estate agent. I always like to do a buyer consultation with new buyer customers. I posted a blog on this site about the value of such consultations for a buyer, but basically it gives you a chance to tell me what you are looking for and why. The more I know about your real estate needs, the better able I am to help you (I don't like to waste anyone's time). I also use the initial consultation to explain the buying process, step by step, so buyers know what to expect and how to prepare in advance. This takes a lot of the stess out of the process for buyers, which makes it more fun (which I think house hunting should be). And I also explain how I work and answer any questions you may have. It's a good chance to get and give information, and for the buyer to see if I am the right person to help them with their search.

Feel free to contact me if you'd like to set up a consultation (in person or on the phone). I am a full-time realtor (and an attorney, although I don't currently practice)and based in N. Bellmore, but I work all over Long Island. You can contact me via FM or directly at [email protected] or (516) 587-7618 (cell).