Buyer's Guide

Prequalification is a great start for understanding your purchasing power, but it’s not the only factor. A lender may pre-approve you for more than you’re comfortable spending, which is why the budget you compiled in step two is so important. The opposite can also happen, where you believe you can afford a certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your job, have insufficient credit, or have bankruptcies or other financial issues in your history.

You’re not required to stick with this lender when you ultimately finance your purchase, but this process is a great way to vet mortgage providers. Also, a prequalification letter can make you a more competitive candidate in multiple-offer situations.

Don't have a lender yet? The Temple Team is happy to give you a list of some of the lenders with whom we and our clients have had a great experience!

Examine your current expenses and determine how they might change if you purchase a home. Create a comprehensive household budget so you can factor in any new ongoing expenses that might come with a home purchase, such as garbage and recycling, water, or homeowner’s association fees. These fees are something that The Temple Team can help you research as you undergo your home search.

Your agent will arrange showings of properties that meet your specific criteria and price range, taking note of your likes and dislikes to further refine their search parameters. They’ll help you explore the details — from storage to light switches to the flow of a home — and understand the pros and cons of the options in front of you. They’ll also help you make time to explore the neighborhood and examine elements like local traffic at different times of the day, parking options, and proximity to neighborhood amenities like schools and grocery stores.

Once you have selected the perfect home and have your finances in order, your agent will help you craft a fair offer price based on the value of comparable homes on the market. You’ll also work through details such as timing, due diligence terms, and fees. After your agent submits the offer on your behalf, they will help you negotiate counteroffers and reach an agreement with the seller. At this point, the house will go under contract and your Temple Team agent will begin working on the contract-to-close process with the assistance of our experienced Transaction Coordinator.

The appraisal ensures that you are paying a fair price for the house. This should be completed during the due diligence period as well. Your mortgage provider will hire an appraiser to inspect the property and offer an independent opinion of its value. Sometimes, appraisals may come in too low, which can impact the amount of money the bank is willing to lend. In this case, your agent can help you determine next steps and either attempt to renegotiate the price or navigate the appeal process.