First of all, congratulations on making the important decision to buy a house! The home buying process is not simple, especially for first-time buyers, so it's essential to do your homework in advance. This article will introduce three crucial questions you need to consider before buying a home.

1. What price range of house can I afford?

Specifically, you need to be clear about your monthly income and expenses. Keep track of your household’s monthly income and expenditures to understand your financial situation. Additionally, you should consider setting aside a budget for potential expenses such as renovations, kitchen or bathroom upgrades, roof replacement, or adding a swimming pool. Plan for these possible costs in advance.

2. Have I completed the mortgage pre-approval process with the bank?

Before you start looking for homes, obtaining a mortgage pre-approval letter from the bank is an essential step. A pre-approval letter clarifies your budget and prepares you to make an offer when you find the right house.

It's important to note that banks offer three types of pre-approval letters: Pre-qualification, Pre-approval, and Pre-underwritten approval. The Pre-qualification is the lowest level and may not be considered by sellers in the current competitive market.

If you're unsure which bank to approach for a mortgage pre-approval, feel free to contact us. Our team collaborates with experienced loan officers from Wells Fargo, PNC, Citibank, and more, to help you navigate the process.

3. Have I found a professional and trustworthy real estate agent to assist me?

A professional real estate agent can clear many obstacles in your home-buying journey. Our team is here to provide you with reliable and skilled service. We can help you:

Clarify your needs and focus on target areas suitable for your new home;

Analyze the current market trends in your target area;

Communicate with the seller and conduct thorough investigations on properties you are interested in;

Interpret property disclosure reports and identify potential issues;

Compile sales data from the target market to help you make informed decisions;

Follow up on the transaction progress in a timely manner;

Resolve issues during the transaction by negotiating with the seller to achieve a satisfactory outcome for both parties;

And more services that we can discuss in person.

These are the three key questions to consider before buying a home. If you’re planning to buy a house, make sure to prepare in these three areas. Should you have any other questions, feel free to contact us.