Buying a house can be a challenging and rewarding journey. To simplify your homebuying process and navigate the real estate market efficiently, a strategic approach is key. Here are 3 tips to help you secure your dream home.

1. Get A Full Picture Of Your Finances

It’s never too early to know what you can afford and to know your options. By taking a closer look at your income, savings and debt, and considering any future expenses, you can estimate how much of a down payment and monthly payment you are comfortable with when buying a house.

The down payment is a percentage of the home’s purchase price that you pay upfront, typically ranging from 0-20%. The larger the down payment, the lower your total loan amount will usually be, which can lead to lower monthly payments and lets you begin your loan term with more equity, or ownership, in the home.

Check out our Mortgage Matchup tools to help you calculate an estimated home loan amount and monthly payments that fit your financial situation. And when you’re ready, your local independent mortgage broker is your expert resource, who will help you understand these factors and walk you through the specifics, like how much home you can afford.

2. Get Pre-Approved

While estimating a budget is a good start to provide insights into your potential home financing options, a pre-approval is necessary to move forward once you’re ready to make offers on potential houses. It formally defines your purchasing power and demonstrates your commitment to buying a house to potential sellers and their real estate agents.

Factors such as your credit history and score, past employment, income, debt-to-income ratio and your assets and liabilities are key considerations in determining the loan amount you could qualify for.

Your mortgage broker will order a credit report, help you do an analysis of your financial situation and after reviewing, provide you with a pre-approval letter.

3. Consult With A Real Estate Agent

If you're buying a house and still looking for a real estate agent, your mortgage broker can help provide recommendations.

A real estate agent can guide you through the house-hunting process. They can help you determine what’s important to you and know what questions to ask before buying a house for the first time. How many bedrooms and baths do you need? Is a garage or basement a “must-have”? Do you prefer two-story or single-level living? Would you like your own yard or would you prefer to find a property with a homeowners association (HOA) that handles outdoor maintenance and might have more amenities?

Brainstorming with your real estate agent will also help you determine the type of home and the location that fit your lifestyle. By having the answers to these questions when you’re considering buying a house, your real estate agent can better tailor a search to match your needs.

Securing your dream home can be closer than you think. Having homebuying experts — a mortgage broker and a real estate agent — by your side can simplify the process and significantly ease the stress of one of life’s biggest financial decisions. Ready to get started? Find your home loan expert today on Mortgage Matchup!