The first step to homeownership is the home loan and the second step is go find your home after you have price and cost clarity of the mortgage. After getting approved for the mortgage and before the start of the home search one needs to create a list of ‘must haves’, ‘should haves’ and ‘absolute with list’ with their real estate professional.
Raleigh mortgage lender and Certified Mortgage Advisor Kevin Martin discusses your home search, things to consider in episode 135 of the Martini Mortgage Podcast.
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Transcript of Martini Mortgage Podcast (Episode 135)
There is no question, buying a home is a process not an event. The process is not painful if you follow the proper steps. The process always starts with getting approved for you home loan with a Certified Mortgage Advisor not with finding your home. It is not just nice but required to have price and cost clarity about your home loan before you fall in love with a home.
My name is Kevin Martini and I am not just a Raleigh mortgage lender, I am a Certified Mortgage Advisor with the Martini Mortgage Group which is located in Raleigh, North Carolina and I help families looking for the right mortgage strategy in all 100 counties of North Carolina and in many states across the U.S.
Thank you for tuning into episode 136 of the Martini Mortgage Podcast. I am calling this episode, your home search, things to consider.
So, you are starting to look for a home. There is no question that looking for a home today is materially different than when my parents purchased their first home and heck, it is very different from when I purchased my first home.
When my wife and I purchased our first home it was 1991. Now there was no internet like we know it today. So no portal like Zillow or no portal like realtor.com — there was no custom search that my real estate agent could set me up with. If there was she would have to have fax it to my wife and I. So the question you must be asking is how the heck did we find our home?
You see, back then, once a week my real estate agent would get a book that was maybe about an inch thick. It showed all the listings…each page had about 4 or 5 listings. I came out on Wednesday. I recall that day of the week vividly because we would know that Wednesday evening or Thursday was the day we need to preview the hot new listings. Now sometimes my agent knew of an office listing so she used my beeper.
OH MY GOSH am I old or what, I bet some people listening right now do not even know what a beeper is! Let me share there was a beeper code that was used after a number — so when my agents number popped up and it was followed by a 911 that meant you best find a germ infested payphone and dumped a quarter into it and call your agent turbo fast. OH MY GOSH AGAIN, I bet some listening have not ever used a pay phone — now I am really feeling old….however…being old beats the alternative!
Seriously some old school techniques that my wife, Ronni and I created are timeless in todays digital world. Ronni and I learned very quickly there really was not a need to see every house that hit the market — it was our job to educate our trusted real estate agent with what our wants were and what our needs were.
It sounds supper simple doesn’t it? We made sure that our Realtor knew first our primary search area and secondary search area. Then we made sure our Realtor truly understood our needs and wants. Yes there is a difference between a need and a want.
It is my opinion and the opinion of my real estate partners that I partner that it is REALLY important to know what you are looking for when you start your home search. Now many can argue what the first step of your home search should be…I believe the first step is know that you are buyer able and to have clarity of the economics before you start determining what you need or want in a home.
YES, before you log on to one of the many real estate sites like Zillow or Trulia, knowing first what you can afford AND knowing what you can afford fits into your personal family budget is not just nice but required in my opinion.
At the Martini Mortgage Group we believe that pre-qualification letters are nice but irrelevant that is why, with the families we serve we get them pre-approved. When you are pre-approved it is like making a ‘same-as—cash’ offer.
Can you imagine the pain of walking into a house that you simply love however you find out that it is out of your qualification zone?
I have seen this happen and it is painful for a family. Sure, buying a home is a process not an event however the process does not need to be painful it can actually be an amazing process and there is material value to know before you owe.
An added benefit to understanding and having clarity of the economics is you will see all the homes that match your price point and when you fall in love with the right place that meets your needs and wants you will be able to communicate to the Seller that you are not just ready and willing…you are able! Sharing that you are able is exactly what a specific pre-approval letter from the Martini Mortgage Group at PCL Financial does.
Now I have mentioned the term needs and wants a lot during this episode. Here is a news flash……it is very rare that the home you select will check off all of your wants and needs.
There is no question…I would love to have a home theater with a comfortable couch and a popcorn machine. Perhaps you may want a kitchen with a farm sink in your new home just like the one you saw on Pinterest last week. Now do I really need to have a home theater and do you really need to have a farm sink to be happy in your home — the answer is no. If you have been listening to the Martini Mortgage Podcast you know that I believe it does not matter how big the house is, it is all about how happy the home is.
I think the number one cause of money stress is when expenses exceed income. To help relieve this stress for you and your family is why I believe the first step in your home buying process should be to get pre-approved for your mortgage.
So what is the next step? Step number two is to list all the features of a home that you would like and to qualify them as follows:
- Must haves
- Should haves
- Absolute-Wish List
Let me define each of them for you.
What is a ‘Must Haves’ — if the home does not have these items, then it shouldn’t even be considered. For example, if you want to have a commute no more than 20 minutes to work then you should not even look at homes that are 40 minutes from work. If you need a first floor master, then there is no reason to look at homes where all the bedrooms are on the 2nd floor. Does this make sense?
Then there is the ‘Should Haves’ – if and only if the property hits all of the ‘Must Haves’ — an example of the should have to me would be a split floor plan or an open kitchen.
Finally, there is the ‘Absolute-Wish List’ – if you find a property in your budget that has your Musts and Shoulds and then has bonus features that you dreamed about it is a winner. An example would be the movie theater I spoke about earlier.
Here is the Kevin Martini bottom line.
Being ready and willing to buy a home is irrelevant unless you are able. Know your options and get pre-approved. If you are looking to call home in the Triangle of North Carolina or anywhere in North Carolina then the Martini Mortgage Group at PCL Financial can help. No let us say you live in Texas or Florida or California or South Carolina or anywhere in the U.S. — you need to know that the Martini Mortgage Group has a community of trusted mortgage professionals so, simply give me a call and I will help you and your family.
After you are pre-approved and before you start the search it would behoove you to have a you must-haves and your should haves prepped…this will save you time and a ton of frustration.
It is as simple as this…get approved and have a laser focus on the economics first. Think about this for a hot second…when you purchased your car, did you buy your car based on the price on the window sticker or did you buy it based on the monthly payment you would have to make.
When you work with a Certified Mortgage Strategist we can reverse engineer you desired payment into a price point. Then you communicate that price point to your realtor by deploying this reverse engineering and being transparent with your Realtor, you will see all home within your price range and you will never fall in love with a home that is outside your comfort zone.
Here is a crazy audio nugget, it is not what you qualify for, it is what you are comfortable paying every month.
Now that the economics are taken care of, it is critical to understand you what you home needs to have and what you want you home to have.
Thank you for tuning in and remember our family is your family lender.
In closing, getting qualified and ultimately approved for the right home loan and getting mortgage for your home is NOT like shopping for the lowest priced gas for your car.
Listen, every mortgage company secures the money from the same source so everyone at the end of the day has the same mortgage rates however not everyone provides trusted advice with a secure digital mortgage platform that provides certainty like the Martini Mortgage Group provides. In addition, our job is not done after closing since it is our obligation, duty and responsibility to manage your mortgage for you after closing.
Thank you for tuning in to episode 136 of the Martini Mortgage Podcast which is called your home search, things to consider.
Thank you in advance for sharing this episode with someone you care about that may benefit from its contact.
Remember this, it is never too soon to explore your homeownership options…it is never too late to explore your homeownership options either. If homeownership is right for you and your family then know this…the first step is always the loan not the home.
There is never a substitute for having price and cost clarity before you start looking for a home. Get pre-approved before your home search not just pre-qualified! To a seller a pre-qualification says you are just ready and willing whereas a pre-approval with a Certified Mortgage Advisor with the Martini Group says you are ready, willing and able. It also communicates to the seller you are making a ‘same-as-cash’ offer and that is important to share in any market, especially in a tight real estate market like we are in today.
If you want trusted advice with a digital mortgage process that offer a great rate with certainty check out my website by going to: www.MartiniMortgageGroup.com – you can find some real world information in the learning center and you can also securely apply online or book an appointment with me.
Now it is time for the disclaimer:
This material has been prepared for marketing purposes only. This is not a loan commitment or guarantee of any kind. Loan approval and rate are dependent upon borrower credit, collateral, financial history, and program availability at time of origination. Rates and terms are subject to change without notice. The Martini Mortgage Group at PCL Financial is a division of Celebrity Home Loans, NMLS # 227765 with a Branch address of 507 N Blount St Raleigh, North Carolina 27604. You can contract Certified Mortgage Advisor and Producing Branch Manager, Kevin Martini NMLS# 143962 by calling the Branch and that number is 919.238.4934. For a full list and more licensing information please visit: www.NMLSConsumerAccess.org or by visiting www.MartiniMortgageGroup.com – Equal Housing Lender