When people talk about why they are renting, rather than buying, the reasons given are not surprising. Interest rates are too high. Prices are too high. But the real reason may be the fear of getting pre-approved for a mortgage. On paper, getting pre-approved seems simple. It doesn’t take long. In the real estate world, it is the first step in the process of buying a home. What isn’t talked about often enough is how emotional this first step can feel for prospective home buyers. It feels like a stranger deciding whether you are worthy of buying a home. If you are worthy, this stranger will tell you how much you can spend. This is only after you provide an incredible amount of personal information. What if you are told no?

Fears are real

First time home buyers fears are real. This process is emotional and that first step can be hard if you have never taken it before. For a real estate agent, asking a buyer if they are pre-approved is routine. To an agent, calling a lender is routine. For the first time home buyer is can feel like walking into a test you did not study for. There is no real way around this first step in the process, unless you have access to a large amount of cash. What are fears and questions about the process?

Questions you may have

Here’s some questions you may have. Is my credit good enough? Do I have enough money saved for a down payment? What do I do if the amount that I am pre-approved for doesn’t match what homes cost in my market? If you are wondering the answers to these questions, you are not alone. These questions can be answered fairly quickly by a lender. The first step is to call a lender. The next step is to submit a loan application. Once the application has been reviewed you will talk with the lender. In some cases you may be told you are not ready yet. If that is the case you will make a plan on how to get to the point that you are pre-approved. The conversation regarding your pre-approval is not a verdict on your worth. It is a point in time look at your situation.

Lender recommendation

Not all lenders are alike. Some are better with first time home buyers than others. All are typically capable of helping a buyer through the process. But it is best to find a lender that understand the human side of the process. Ask Lestel for a recommendation. She can connect you with a lender that is patient, educational and supportive. The right lender does not judge where you are starting. They help you understand where you are and how to get to where you want to be. Remember that getting pre-approved isn’t a judgement or final verdict on your ability to buy a home. It is simply a starting point. It is important to connect with a good lender that can make the process feel less intimidating. Someone that answers questions, sets expectations and provide you with a road map to home ownership.