Agent or Lender first?

Question

My wife and I are looking to buy our first property for house hacking in the DC area. I am not sure if we need an agent first or look for our financing options before getting an agent. Is there a starting point that would make the next step easier?

Grant Thompson · Answer

Marcus,

Get started finding both. You will likely need a lender before you can submit an offer, but you should start looking for an agent that is the right fit ASAP as well.

Kayla Givens · Answer

Hey, @Marcus Amison! I would recommend starting by finding an investor-friendly agent. If they know what they're doing, they should have a few lenders that are also investor-friendly that they can refer you to!

Account Closed · Answer

I agree with that because most-often it was my real estate agent (broker) who always happened to know a lender that would give me the best rates and push the loans through when other lenders turned me down. I suppose, the agents and lenders scratch each other's backs.

Basit Siddiqi · Answer

@Marcus AmisonSteps1) Talk to a lender on how much house you can afford2) Define your "CCC(Crystal Clear Criteria). Think about the following items A) How much do you want to spend(Can be less than you are eligible to borrow). I.E. I can to purchase homes between $80,000 and $100,000 B) Define how big of a house you want? I want 2 Bed - 1 Baths C) Define the general area that you want to invest in - I want to purchase houses within zipcode 11101 D) Define the condition of homes you want to buy - I want to invest in homes that need a lot of work3) Talk to an agent to see if they can help fill in any of the holes in step 2. Vet if they will help you find the best deals and bargain on your behalf.Best of luck!

Christopher Cole · Answer

If you're going to pick one, pick agent. Then the agent can recommend a lender.

But you can easily do both. Getting preapproved is not very hard, and just because you got preapproved with one lender doesn't mean you need to go with them. You can shop around to get the best rate without it affecting your credit score. You can call any lender - keep the data they ask for (tax returns, paystubs, w2) because it'll pretty much be the same for any lender.

Russell Brazil · Answer

Agent first.

Joaquin Camarasa · Answer

Both and compare.

Agent or Lender first?

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