If you are new to buying South Lake Tahoe Real Estate, you may be wondering how to get started, what you need to do or even what the first steps are. If you have already made contact with a South Lake Tahoe Realtor, they should be able to guide you on the process of getting started in your home buying journey. If you haven’t yet made a commitment to a local professional, allow us to tell you the very best thing you can do before you do anything else that has to do with home buying: It is getting pre-approved. There are a lot of buyers who get started on the various other aspects of purchasing, but the reality in realty is this: If you don’t know how much your loan is for, or even if you are qualified to buy, you don’t know what your budget is and what to even look for. Talk with a reputable lender and find out how much money you can spend on homes for sale in South Lake Tahoe. Here is why:
A loan is the key to buy a home. Literally. While this may not be the most exciting thing about buying homes for sale in South Lake Tahoe, it is the most important part. Unless you have cash laying around, a loan is the most common way of buying. Not everyone qualifies for a loan for a variety of reasons. If you need a loan but don’t know what that number is, you really can’t guesstimate and shoot from the hip. It wastes your time, your South Lake Tahoe Realtor’s time, the sellers time (they do have to prepare homes for showings after all) and you run the risk of getting attached to properties that you think you can afford, and may not.
So how do you get pre-approved? Go see your lender and give them your income, how much money you can afford for a down payment and they will run the numbers to see what your options are. You may not have the desired 20% available to put down, but a reputable lender will have different options that can work for you. If you find out your credit needs some work or you need a little more money before you buy, you at the very least have a starting point, understand how the process works and know what you need to do before you re-apply for a loan. In fact, your loan officer can provide tips and advice on what to do so you can get back on track with looking at homes for sale in South Lake Tahoe.
Have your pre-approved loan and are ready to continue on with your home buying journey? Give me a call. I have been an established and experienced South Lake Tahoe Realtor who knows the ins and outs of this market from the real estate, rental and vacation home perspective. I would be happy to help!