Building A Foundation
Step 1: Find a Real Estate Agent
Interview a few agents and see if their personality matches your needs/wants. You want to “click”!
- Qualifications your agent should have:
Local market knowledge
Good reviews or testimonials
Financial Knowledge – they can walk you through the numbers
Works full time in the industry
Great time management and communication skills (ie. did they show up on time & prepared? Do they communicate with you in a way that you understand and feel comfortable with?)
Network connections (Effective real estate agents rely on their relationships. Do they work with other agents regularly?)
They should ask about your housing goals and future vision
Step 2: Know your Financials
Maintain great credit
Pay off as much debt as you can before proceeding
Your lender will be pulling your credit in the future as a part of the pre-approval process so don’t worry about that just yet
- Compile and save any important financial documents, including:
2 months worth of pay stubs & bank statements
2 years of tax returns & W-2’s or T4’S
Step 3: Find a Lender
Compare different lenders to understand the benefits and advantages of working with each. (Something as simple as a lower rate or term can save you thousands of dollars over the life of the loan.)
Make sure to tell EACH LENDER not to pull your credit until you’re fully committed to working with one
If your credit isn’t where you want it to be, work on creating a plan with your chosen lender
Your agent may also be able to help you find someone trustworthy that they have worked with before.