Home Buying Prep: Covid-19 Edition

Dated: May 20 2020

Views: 376

Buying a home right now might be challenging — touring in person is inadvisable in many cases, and prohibited in many areas due to public health orders. Job or economic uncertainty may also have you thinking twice about buying. But, there are still steps you can take now so you’re ready to act when the time feels right. 

1. Interview mortgage loan originators (MLO’s)
Not all MLOs are the same. And not all banks provide the same products and services. Now is a good time to ask your family, friends and your real estate agent for referrals. Set up interviews with potential loan originators. Ask questions about their virtual tools and communication methods as well as about products and services.
2. Identify your price point
Knowing how much you can afford, and want to spend, is essential when beginning your home search. Having this information upfront will save you hours of house hunting. Many agents will require a pre-approval letter from a lender before allowing tours. You can read more about pre-approval letters below.
3. Learn your preferences
Once you have an idea of what your family can comfortably afford, you can begin exploring what is available in different neighborhoods. Take notes of what your dream home “must haves” and “would like to haves” lists are. The key to finding the perfect home can often be prioritizing your families needs.
4. Gather pre-approval materials
A pre-approval letter is usually valid for 60 to 90 days, so you don’t need it until you are ready to start looking at homes. But make sure you have the documents you’ll need, such as tax returns, W2s, pay stubs and bank statements. Most lenders will also want to see evidence of your down payment. If you’re getting help from friends or family and the money isn’t in your account, you may need to secure the funds prior to pre-approval or provide documentation showing when the funds will be available. 

Latest Blog Posts

Miami Dade Schools

The location of your children’s school can play a huge roll when it comes to choosing the right home for your family. Many families purchasing a new home or relocating to Miami, FL start their

Read More

5 Mistakes Home Buyers Are Making

Hey, Janice here, top Miami Real Estate agent, popping in to give you the low down on locking in your dream home.The 2021 housing market is a beast for buyers right now. Fatigue sets in, frustration

Read More

Moving with Kids

When should I move? This is one of the most common questions families ask me. Moving a family is serious business. Researching, packing, purging, it’s a lot to do, and the stress can be

Read More

An Educational Gem in the Heart of Kendall

Located in the Kendall section of Miami, FL, Jack D. Gordon is an “A” rated community school serving pre-k thought fifth grade. With consistently above average test scores across all

Read More