What's the First Step to Buying a Home?

I'm joined today by Barry Krevoy from Finance of America to talk about working with a lender to get pre-approved to buy a house.

According to Barry, you should avoid diagnosing yourself when it comes to real estate. Many people do things in reverse order, in that they look for homes before they even know what they can afford. Sometimes buyers save more money than they need to save or pay off credit cards that they might not need to pay off. These things can actually work against you.

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Don't go house hunting before 
knowing what you can afford.

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Many people who think that they're not able to buy a home often find out that they are, thanks to down payment assistance programs, or by improving credit with the help of Barry’s preferred credit guy who he swears by. Barry recommends going to see a lender as soon as the thought of buying a home even enters your brain. It may take a year, or it might only take a couple months.

If someone wants to work with Barry or inquire about seeking a home loan, he usually starts off with a consultation to find out what kind of buyer they are. In a short 10-minute conversation, he can get an idea of what he needs, and then he can send a needs list back to you. This probably includes a copy of your taxes, W-2s, driver's license, and other items.

If you have questions for Barry, you can call him at 949-735-4009 or email him at barry.krevoy@financeofamerica.com.

As always, if you have questions about buying or selling a home, feel free to give me a call. Let's talk soon.