At realtor.com and Rocket Mortgage®, we’re passionate about helping people find - and finance - their next house. Whether you’re just starting the process, feeling frustrated in a seller’s market, or have what feels like a billion questions, we can help. We’re here for you.
Answer a few questions and we’ll share our best advice - personalized for you. Let’s get moving.
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Now you’re prepared to proceed with confidence. Tell us about your goals, and we’ll get in touch to talk about next steps. You’ll be in your new home sooner than you think.
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Realtor.com produced this campaign as part of paid advertising services for Rocket Mortgage® by Quicken Loans®. Realtor.com does not endorse or recommend any particular lender or service provider, nor any of the products, rates, or offerings of any lender, broker, or mortgage professional.
We’re ready to help! Tell us about your goals, and we’ll reach out to discuss next steps.
I’m still figuring out what I really want in a home.
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No
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I need help making a competitive offer in a seller’s market.
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No
Grab a pen (or a phone!) and start figuring out what you really want.
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Quick Tips
When writing out your wishlist, ask yourself
• Where do I spend the most time in my
home?
• What are my short-, medium- and long-
term goals?
• Do I have an ideal layout?
• What are my dealbreakers?
Read this article:
A Plan for Prioritizing Your
Home Shopping Wishlist,
Based on Your Personality
Competing in a seller’s market can be intimidating, but we’re here to help.
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Quick Tips
Serious about buying? Here’s how you can prepare:
• Collect relevant finance documents, like pay
stubs, tax forms and bank statements
• Apply and secure a Verified Approval Letter
from Rocket Mortgage® (it’s different from a
traditional pre-approval letter!)
• Put in your competitive offer with confidence
Read this article:
What Is a Verified Approval Letter—and How It Helps in a Competitive Market
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Sounds like you have a clear picture of what you want!
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Let’s make your vision a reality. Now is the time to:
• Create a saved search on realtor.com with all of your top
priorities
• Get the ball rolling on your financing by speaking with an expert
from Rocket Mortgage® by phone, text, or live chat
Not sure how much house you can afford?
Check out the Rocket Mortgage® affordability calculator, one of the most popular features at Rocket Mortgage®.
Start Calculating!
Looking for your dream team?
realtor.com is here to help you find your next home, and Rocket Mortgage® is standing by to help you finance it. Together, we’ll get you moved in sooner than you think.
Sounds like you’re ready to go!
Did you know?
With the Rocket Mortgage® app, you can adjust your approval letter and offer amount on the fly. That way, when you make an offer, you can decide how aggressive or reserved you’re willing to be.
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I’m not sure what to do once I find my dream home.
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No
Quick Tips
Real estate in 2021 can move quickly - here’s
how to prepare so you can move forward with confidence once you’ve finally found “the one.”
• Do research on homes in the area so you
have a realistic idea of what you can get with
your budget.
• Make sure your financing is in order so you
can confidently make an offer
• Have a solid idea of your maximum budget
and prepare for counteroffers
Read this article:
Recent Home Buyers Share How They Knew Their House Was 'The One' (Plus, How to Be Ready to Move Quickly Once You’ve Found It)
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No problem! We can help you make sure you’re ready to go once you’ve found your dream home.
Let’s make your vision a reality. Now is the time to:
House-hunting can be daunting, but rest assured that eventually, you’ll find the right match. In the meantime, keep browsing those listings, make a list of your priorities, and make sure your financing is in order. We’re rooting for you!
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That’s okay. We’re sure the right one is out there for you.
I’m not falling in love with any of the homes I’m seeing.
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No
Quick Tips
You might need to put a little work in to make a good house into a great home. Try to:
• See past a less-than-perfect exterior
• Consider which renovation projects you’d
be willing to try
• Embrace the idea of DIY projects
• Decide if you can compromise on size
• Widen your search area or criteria
Read this article:
5 Signs a House You Overlooked Could Actually Be Your Dream Home
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Don’t worry, this is more common than you think. When it comes to houses, it isn’t always love at first sight.
Lets make your dreams a reality. It’s time to:
• Add the house to your Saved Homes on realtor.com
• Secure a Verified Approval Letter from Rocket Mortgage® so
you can make an offer with confidence
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Lucky you! Sounds like you already found your dream place!
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I need help talking to my family about money.
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No
Quick Tips
When it comes to deciding what kind of home budget you can afford, we recommend each member of your family:
• Completes an individual financial
assessment
• Respects each other’s personal
relationship with money
• Works together to find a common goal
Read this article:
Use This Formula for Low-Stress Conversations About Money
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Conversations about money can seem daunting, but they don’t have to be.
Now that you and your family are on the same page:
Now that you and your family are on the same page, keep the conversation going with an expert from Rocket Mortgage® and start working towards securing your Verified Approval Letter.
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Sounds like you’ve already had that big conversation. Congrats!
I’m still trying to figure out my finances.
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No
Quick Tips
When it comes time to make a big purchase like a home, we recommend you first:
• Do some research to familiarize yourself with
mortgage-related terms
• Try an online calculator to quickly assess
your budget
• Chat with an expert to learn about down
payment options and other expenses
Read this article:
How to Feel More Financially Prepared to Buy a House in Just 5 Minutes a Day
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Don’t worry: We help people figure out their finances, every day.
Keep up the good work - you’re closer than ever to purchasing your next home.
Check out Rocket Mortgage®’s digital to-do list to stay on track while you're under contract.
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Great! You’ve already figured out a big step in the home-buying process.
A Plan for Prioritizing Your Home Shopping Wishlist, Based on Your Personality
By Realtor.com Creative Studio
Grab a pen (or your phone!) and start figuring out what you really want.
Quick Tips
When writing out your wishlist, ask yourself:
• Where do I spend the most time in my home?
• What are my short-, medium- and long-term
goals?
• Do I have an ideal layout?
• What are my dealbreakers?
Read the article:
A Plan for Prioritizing Your Home Shopping Wishlist, Based on Your Personality
Let’s make your vision a reality. Now is the time to:
• Create a saved search on realtor.com with
all of your top priorities
• Get the ball rolling on your financing by
speaking with an expert from Rocket
Mortgage® by phone, text, or live chat
Sounds like you have a clear picture of what you want!
Would you rather have marble countertops or an attached garage? A wood-burning fireplace or a dedicated office space?
When it comes to finding your dream home in a tight market, you may have to make some tough calls and be prepared to be decisive. Whether that means getting your financing squared away with a Verified Approval Letter from Rocket Mortgage® by Quicken Loans® or clearly defining your needs and wants from the get-go, your preparation will pay off when you can confidently make an offer on that perfect place the moment it hits the market.
Only you know what will make it to the top of your home-shopping wishlist, but here are a few thought-starters to get the ball rolling based on your personality type. Which persona fits you?
You have a few years of parenting under your belt, and you are at the point where your family has outgrown your current place. Now is the time to find that kid-friendly home you can see them growing up in. Your needs might include a family room for activities, a backyard, lots of storage, and a laundry room. Bonuses would be a yard that is already fenced in, laundry on the main floor, an unfinished basement, or even a home with an existing swing set. When considering which features are “needs” and which are “wants,” try making a list of short-, medium-, and long-term goals for your home. Short-term goals get priority on the “needs” list, while medium- and long-term goals can be add-ons and updates you make to the home over time. What to skip? You may not actually want the ever-popular open concept living space. Having some rooms where you can close doors or keep tidy actually could be a big win for your family.
If you are the type of person who cherishes your home as a place of relaxation and rest, consider this as you make your list of new-home needs. Start by making a list of the things that bring you comfort, whether it is a cup of tea and a book by a fireplace or a view you can gaze at over breakfast, and you’ll see your priorities begin to define themselves. Your wants might include some unexpected touches: a space to do yoga, an outdoor fire pit, or a tub that you can sink into at the end of the day. If you value a cozy interior space for just you, consider trading off on a large outdoor space. A smaller parcel of land or a postage-stamp patio could be just what you need, not to mention more affordable and less maintenance.
On the move, ambitious, and ready for success? Then you might be the type of person to develop a list that considers what makes things more efficient as you move through a new space. How does the kitchen flow for you? Does having the laundry near the bedrooms make your days easier? Streamlining the smaller things can allow you to spend your energy on the things that are moving your life forward. Your wants list may include a home office or study—especially if you are an entrepreneur at heart. And while you’re in the zone, the Rocket Mortgage® by Quicken Loans® digital to-do list will help you streamline your mortgage process at the same time. Win-win.
Being in the heart of the city means that your priorities are often as much about the spaces outside of your home as the spaces inside of it. Your needs might include practical things like parking, elevator access, and proximity to grocery stores. Also consider how much natural light you prefer in a space (knowing that being surrounded by tall buildings can cast shadows, depending on the height and placement of your windows). Your houseplants will thank you! The beauty of being a city dweller is that you go into your home-buying process knowing that every apartment or home will have a few quirks. Consider building a list of needs, a list of wants, and a list of compromises that feel like fair trades (for example, if the home has off-street parking, you may not need to be close to public transportation).
If you are a buyer who loves a good dinner party or hosting a movie night with 12 of your friends when it’s safe to do so, you will want to find a home that embraces your entertaining spirit. Consider the flow between different spaces in the home—an open floor plan means that you can be in the kitchen cooking and still socialize with your friends in the living room. An outdoor area is a huge plus too. Other priorities to consider could include ample parking out front (either in your driveway or on the street), a powder room near all of the action, and storage for all of the dinnerware you keep for entertaining. If you’re looking for features to cross off your list, consider skipping the updated hardwood floors. That way, you won’t have to worry about your friends’ shoes, and you can update older floors later on if they’re in good shape.
In the end, it is all about finding a home that has the good bones to support your lifestyle. The personality and energy you bring are what will make it truly a perfect fit.
Family First
Low Key and Comfortable
Go-Getter
City Dweller
Entertainer of the Year
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What Is a Verified Approval Letter—and How It Helps in a Competitive Market
By Realtor.com Creative Studio
“Congratulations, your offer was accepted!”
Those words are cause for celebration for every prospective homebuyer—and especially so when vying for a home in a hot housing market. Although there are factors when competing with other buyers that are beyond your control, there is one step that will give you an edge: Start your home search process by getting a Verified Approval Letter (VAL), an underwritten offer that shows sellers your financing is verified.
Buyers in 2021 are facing a market with low inventory and lots of competition. Any extra certainty helps.
Thankfully, in a time when buying a house feels daunting, the process of actually getting a VAL is relatively straightforward. With online tools like Rocket Mortgage® by Quicken Loans®, it’s easy to enter your information and connect accounts to share necessary documents. From there, it’s a quick process to connect with a Home Loan Expert who performs a full analysis of factors like credit scores, debt, income and employment status, then sends you on your way with a Verified Approval Letter so you can shop with confidence. Not to mention how helpful it can be to ask questions during a no-obligation conversation with a Home Loan Expert from America’s largest mortgage lender.
I can speak from personal experience with buying a home in a very hot 2020 market. Unlike when my husband and I purchased our first home several years ago in a buyer’s market, our experience in a seller’s market called for us to do more prep work to compete with multiple offers. From our very first meeting with our Realtor®, she made it clear that just being pre-approved may not be enough. She stressed the importance of taking extra steps to show sellers we were serious and ready to buy—before even touring a single home. One level above a pre-approval letter, a VAL signaled we meant business and put us on a more level playing field with prospective buyers who could make cash offers.
Unlike with a pre-qualification, getting a VAL requires pulling credit scores. However, we knew we’d have to take this step in our home buying process eventually, so the slight ding to our scores was a non-issue when compared to the benefits of the VAL. In a market where moving quickly is key, having these steps done ahead of time meant that there was no down time once we were ready to make an offer. With this pre-approval, we could show sellers, yes, we could afford homes up to a certain amount and, no, our financing wasn’t going to be an issue for closing.
I am grateful we took our agent’s advice to check this task off the list before looking at houses. We soon realized that houses would come and go in a single day in our market. If we found one we wanted, the last thing we needed to do was scramble to get a pre-approval letter. By getting a VAL in advance that is valid for 90 days, buyers can be confident they can be competitive when ready to make an offer.
At the same time, going through the pre-approval process helped us get a clearer picture of what we could afford. Although we couldn’t control the ever-changing mortgage rates and how that would affect our ultimate payments when we purchased a new home, we knew how much we would be approved to spend on a home. It also gave us a chance to assess our real comfort level with our budget, which led us to set our personal “max” below the pre-approval figure. With a VAL, the Rocket Mortgage® app makes it easy to customize your approval amount to match your desired offer amount, or adjust on the fly if this amount changes.
All the while, we were also preparing to sell our home—which, let me tell you, was a very different experience! In this position, we knew we could confidently expect a handful of competitive offers within days of listing our home. Again, our Realtor® counseled us to take into account whether a potential buyer had a pre-approval letter. We knew that if we were looking at two side-by-side offers for the same amount, the buyer who came with a locked-and-loaded VAL would win out.
After practicing patience and having a bit of luck, we were able to confidently make an offer on a home that checked all of our boxes. Even in a hot market, that one offer was all it took: Our bid backed by a pre-approval was accepted!
Although our lender still needed to consider the home’s appraisal value, condition and title before giving us the official approval, we were glad to know our finances weren’t going to hold up the process. When we turned around to list our first house, we were thrilled to get a number of offers within the first few days—and ultimately went with a buyer who had a pre-approval letter.
I can say from experience that buying a house in a competitive real estate market is an exercise in coping with a lot of unknowns. From waiting for the right house to hoping the seller will accept your offer, learning how to take deep, calming breaths is a helpful skill to have. With a Verified Approval Letter, though, you don’t just have to cross your fingers and hope for the best—you can actually give yourself an advantage.
– Emily Glover
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5 Signs a House You Overlooked Could Actually Be Your Dream Home
By Realtor.com Creative Studio
You always have had a vision of your dream home, but in a market where inventory is low, it may seem like the perfect place goes under contract within 24 hours of it being listed. Fear not, because some of the best homes are hidden gems that need someone with vision to see their potential. Here are five signs that a home you overlooked actually could be the right place for you.
1. The curb appeal doesn't match your style.
2. It’s a bit of a fixer-upper.
3. It needs cosmetic upgrades.
4. It’s just a little too small.
5. It’s not in your dream neighborhood.
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Recent Home Buyers Share How They Knew Their House Was 'The One' (Plus, How to Be Ready to Move Quickly Once You’ve Found It)
By Realtor.com Creative Studio
There’s nothing quite like realizing you’re ready to pop the question: “Will you accept this offer?” Yes, just like in romance, many homeowners fondly can recall the special moment when they decided a house was “the one.” Whether it’s a hard-to-find feature or a home that stands out by checking nearly every item on a wish list, it’s exciting when you can begin picturing life playing out in a specific home.
For Bryan and Casey Morgan of Kansas, this process began by playing the field—or looking at hundreds of homes online for more than one year. By gaining a clear understanding of what features they could realistically expect in their price range, the Morgans were able to stay focused during their in-person house hunt.
After touring just a few homes with their Realtor®, they were won over by one with a wood-burning stove hook-up, recently updated kitchen, and fenced backyard. But for them, the biggest “wow” factor was one that other buyers may not have appreciated: the unfinished basement. As a couple that embraces house projects and appreciates the chance to put their own mark on a home, Bryan says they view the basement as something they can complete over time to increase their home value and living space.
Sold on the idea of the home, the Morgans were able to secure the sale itself by ensuring their finances were in order. “We gave ourselves some secret wiggle room that allowed us to reach outside of the budget we told our agent,” Bryan says.
Like the Morgans, one of the biggest steps for many buyers is getting clear about the budget. Talking to a mortgage lender before starting a house hunt in earnest can help increase the chances of being able to move quickly on the perfect home. Better yet, getting prepared with a Verified Approval Letter from Rocket Mortgage® by Quicken Loans® can help prospective buyers stand out from the crowd when making an offer. This formal pre-approval letter is an underwritten offer, which tells sellers that the prospective buyer’s finances aren’t going to be an issue for closing. And with the Rocket Mortgage® app, you can adjust the approval amount on your letter to match your current offer if, like the Morgans, you don’t want to reveal the absolute most you’re willing to pay right away. The upfront time investment in creating a budget and getting a Verified Approval Letter is well worth it down the road. When the house you think is “the one” comes on the market, you’ll be ready to move right away.
Aware of that, Kaitlyn and Matt Micali of New Jersey began the process of finding a home by first connecting with a trusted loan officer. By learning the price range of the houses they were eligible to purchase, the Micalis felt like everything quickly fell into place on one home—only for the deal to fall apart when the inspection turned up existing problems. With a new awareness of what to look for in a home, they found love again with a Cape Cod-style home that had been professionally flipped.
“The other homes we saw were older, too, but many updates seemed rushed,” Kaitlyn says. “Knowing ourselves and our time constraints, Matt and I were not looking for any long-term projects.” Thanks to the preparation work they did with their lender ahead of time, the couple was able to make an offer on the spot and win a bidding war. Research shows buyers who are pre-approved by a lender have a competitive advantage when making an offer on a home—and thankfully getting a Verified Approval Letter is easier than ever with online tools like those available through Rocket Mortgage®.
Of course, one of the biggest challenges with finding a home that you consider to be “the one” is that this stage of the house hunt is far from exclusive. Rather, you may be vying against multiple other suitors who also want to seal the deal. That was the situation for Erika Prucha of Nebraska when she and her husband found what they first considered to be a dream home. “My husband and I were looking at a house two doors down when the real estate agent put the sign in the yard,” Erika says. “The whole situation felt like fate.”
In what she describes as a heartbreaking turn, the Pruchas were outbid on the property. Throughout the next seven months, their search continued—but no home swept them off their feet in quite the same way. That was until one Saturday night when a new home went on the market and Erika immediately sensed it could be the one. “We pretty much knew we were going to buy it before we even looked at it,” she says, explaining it checked almost every box on their long wish list, such as big windows, wood floors, an updated kitchen, and a large yard for their two dogs to safely explore.
After learning from their first heartbreak, the Pruchas were willing to move fast and make an aggressive offer. With a Verified Approval Letter from Rocket Mortgage® , buyers have the flexibility to change their offer on the fly on the Rocket Mortgage® app—a prime feature for situations just like this one. This time around, the Pruchas weren’t taking any chances, and decided to go with their maximum offer right away, instead of holding back for a possible counteroffer. Their persistence paid off. Although the search itself didn’t play out as they had anticipated, Erika says it all feels worth it now that they are comfortably settled into “the one.”
Family First
Low Key and Comfortable
Go-Getter
City Dweller
Entertainer of the Year
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Use This Formula for Low-Stress Conversations About Money
By Realtor.com Creative Studio
There is no denying that buying a home is a thrill. From creating a wish list to daydreaming about the memories you will make in a future home, there are many exciting aspects … and nothing can put a damper on that enthusiasm quite like talking about finances. Still, there’s no way around it: Buying a home is one of the biggest investments most people ever make. Having a clear sense of how much money you can spend—and want to spend—is an essential step.
Buying a home with a partner can add another factor to the equation, considering that partner likely will have their own goals and expectations. As you get a firm sense of your own financial standing and get into alignment with your partner, here’s a conversation formula that will help you diffuse stress and find a path forward.
1. Do individual financial assessments
2. Respect personal money stories
3. Find a common goal
4. Here’s how to get started so you avoid surprises and minimize stress:
Before coming to the table for a conversation about buying a house, you first need the full picture of your financial situation. This is not a time when ignorance will be bliss! Gather up-to-date information on your credit score, your existing debt, and your savings. Then begin assessing whether you have the power to change any of those elements for the better before entering the housing market.
Specifically, mortgage lenders will consider your Debt-to-Income Ratio (DTI), which compares how much debt you have versus how much you earn on a monthly basis. As a general evaluation of how risky it is to loan money, this is an important figure for mortgage lenders. In general, the lower the percentage, the better—but you’ll almost always need a DTI of less than 50% to qualify with a lender.
To calculate your DTI, add up your minimum monthly payments for required and recurring expenses, such as car loans, student loans, credit card bills, child support payments. Don’t include changing expenses like utility bills, grocery bills, or clothing purchases. Then divide the sum of your minimum monthly payments by your monthly gross income. To convert that figure to a percentage, multiply by 100.
If you have questions about personal finance factors like these, it’s easy to get answers through the One Tap to Live Experts feature from Rocket Mortgage® by Quicken Loans®. With real mortgage professionals available to chat online or by phone seven days a week, you can develop a game plan to keep your homeownership goal on track.
Ultimately, your home-buying budget won’t just involve your earnings and debt. You likely also will need to account for your relationship with money and your savings goals for the future. When you’re buying a home with a partner, there can be another layer of complexity as everyone has unique histories with money. Built through a lifetime of personal experiences, an individual’s “money story” is essentially how spending or saving affects that person on an emotional level.
For example, someone who grew up in a home where bills often weren’t paid may have a scarcity mindset around money and will value saving. In contrast, someone else with a similar background may develop a different mindset and derive joy from spending money. These money stories affect us all in different ways but are especially important considerations when it comes to investing in a home.
Start the conversation with respect and awareness that the other person’s relationship with money may be different. A few questions that can improve your understanding of your partner’s money story include:
• If you had money to spare, would you save for retirement or spend it now?
• What is a past expense that felt worthwhile or fulfilling?
• When you think about earning money, do you feel anxious or confident?
With a newly refined sense of your practical and emotional financial situations, the final step is honing in on what that all means for your home-buying budget. You can quickly get a sense of what you would be approved to spend by plugging your information into the home affordability calculator on the Rocket Mortgage® website, which will adjust for mortgage rates, down payments, and even ZIP code. Prospective home buyers will benefit from knowing this ultimate top line—even though many decide to set their personal max budget below this number.
Then there is the aspect of expectations: By having a conversation about lifelong financial goals, you can determine how buying a house will fit into that picture—and find a budget that feels right to everyone involved.
Finally, be sure to draw up that wish list. After all, there is plenty of fun to be had through this process!
Begin by assessing individual financial situations
Discuss personal money stories
Manage goals and expectations
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How to Feel More Financially Prepared to Buy a House in Just 5 Minutes a Day
By Realtor.com Creative Studio
There’s dreaming of buying a home—and there’s turning that dream into a reality. When you’re ready to move forward on your homeownership journey, there can be a learning curve as you approach how to decipher mortgage-related terms and work on getting financially prepared. Fear not: There’s no need to get overwhelmed by the details. By steadily educating yourself on the process of buying a home while checking to-do items off the list, you will set yourself up for success when the time comes to make an offer.
Whether you are a first-time home buyer or one who is returning to the house hunt after years away, it’s important to familiarize yourself with the upcoming process. The good news is that it’s never been easier to get financially prepared to buy a home: With help from fully digital, fully human-backed tools like those offered by Rocket Mortgage® by Quicken Loans®, you can keep your homeownership goal on track in just five minutes a day.
Here are a few baby steps to help you feel more financially prepared to buy a home.
When you are buying a home, you likely will start hearing some new real-estate and mortgage-related lingo, such as loan pre-approval, down payment, earnest money, escrow, closing costs, and more. Instead of relying on frantic internet searches to answer your questions during the process, take a few minutes up front to understand the meaning of these terms.
If you’ve done your homework and still have questions about how these terms will affect your actual search, first of all: You’re not alone! That's where the Rocket Mortgage® team can help seven days a week, with a quick, no-obligation conversation. With a real, live professional from America’s largest mortgage lender, you can get clear on what to expect.
Before you ever start touring listings, you’ll want a clear sense of what you’ll be qualified to spend—and what you want to make your actual budget, which will likely be a little bit less.
As you go through the mortgage lending process, factors like your credit score, income, and employment will all be assessed before you are approved to buy a home. Thankfully, this doesn’t have to be a guessing game: With online calculators from Rocket Mortgage®, you can plug in your financial information and instantly get a sense of how much you would be approved to spend while adjusting for factors like your anticipated down payment or current interest rates.
Especially in fast-moving markets, not only will you want to have a clear sense of your budget, you may want to take it a step further by getting a Verified Approval Letter. This underwritten offer shows sellers that you’re serious and ready to buy, and that your financing already has been checked and certified by a mortgage lender, which can help you stand out in a competitive market.
Depending on how long buying a home has been in your sights, you’ve likely begun saving up for a down payment. But the traditional 20% down payment is actually far from the norm these days, especially for first-time buyers. By exploring what loan options are available, you may be able to put significantly less toward the down payment on the home.
In addition to the down payment, it is also prudent to save for other costs associated with buying a home, such as earnest money and closing costs. Earnest money, a sum put down when you go into contract on a home, will be applied to your final payment. Closing costs, however, are an additional amount that cover a lender’s processing fees for expenses such as the home’s appraisal and title searches. The final amount can vary, but a good rule of thumb is to anticipate paying 3% to 6% of the home’s cost.
As you move from planning to buy a home to actually buying a home, it will benefit you to have a system to continue keeping yourself on track. Yes, you should absolutely take the time to celebrate after an offer is accepted on a house! But know that your work isn’t done while you’re under contract. This is the period when your lender will assess the home, do a final confirmation of your finances, and issue the approval.
With assistance from the Rocket Mortgage® easy-to-use digital to-do list, you will know exactly what loan documentation you need to provide when, why, and how. Then you can monitor your loan’s progress in real time as you get closer to getting those keys in your hands. Keeping an eye on your to-do list should only take a minute or two each day.
While under contract, your lender will also talk to you about current interest rates. These can (and do!) fluctuate on a daily basis, but you don’t have to keep guessing until closing day. With their Digital Rate Lock feature, you can score the lowest interest rate the moment it’s available—even if you aren’t due to close on your home for a month or more. Also known as rate protection, this is a great way to get a clear picture of your monthly payments and closing costs ahead of time.
As they say, knowledge is power. And when it comes to getting financially prepared to buy a home, your five-minute daily knowledge gains about what to expect will give you the power to find your own home sweet home.
Understand key terms
Get a handle on your financing
Learn about down payment options and other expenses
Use a to-do list while under contract
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The exterior details of a home are your first impression. If the home is a style that doesn’t match your vision, it can be hard to see past that to the great things inside. Don’t let this deter you. Instead, consider how you will live in the space first and know that you can update the exterior to match your style over time. Elise Polli, an award-winning Realtor® and owner of a realty located in Vermont, has this to say about this especially common occurrence with raised ranch-style homes: “I think there is a stigma with the raised ranches of the 1970s. However, they often feature two levels of finished living space and lots of windows and natural sunlight. Even if the exterior aesthetics of a raised ranch don't excite you, the easy flow of the floor plan should. And due to their design, they often lend themselves well to room additions off the back deck of the home."
So often the fixer-upper looks like a project that seems too big to tackle. But like any project, if you break it down into smaller goals, it soon becomes manageable. In a hot market like this, it may be a good idea to consider a fixer-upper. Elise explains, “It will be priced to sell and will allow you to build instant equity with updates. Lean into the shag carpet or dated oak kitchen cabinets and know that you will update them as time and budget allow.” Elise also explains how there are great renovation loans out there and how they can really benefit you in the buying process: “I suggest that you chat with a few loan officers to see what they recommend to buyers who intend to renovate. Many lenders offer loan programs with the fixer-upper in mind.”
Rocket Mortgage® has a team of live experts available seven days a week to help take the guesswork out of understanding your options when it comes to your mortgage loan. They can help you understand the loan options that make most sense for you and factors like contingencies that are especially important in fixer-upper purchases. Their expert advisers are available by phone, text, and live chat for a no-obligations conversation to find out what you qualify for and which loan types make the most sense for you.
When you have a clear vision in mind, it can be hard to see past a less-than-perfect paint job or carpets that have seen better days. Try shifting your mindset when it comes to these smaller fixes. Rather than seeing the need for new paint or flooring as a problem, try to look at it as an opportunity to tailor the inside of your new home to your exact taste. It can be exciting and fun to pull a room together to make it yours.
If you are planning on growing your family in the coming years, but the inventory for 3- and 4-bedroom dream homes in your area is constrained, consider looking at a starter home. It can help you build equity and prepare you for purchasing again in a few years. Alternatively, reconsider homes that may not have the exact layout you’re looking for, but lend themselves to additions that can be added over time. If you know from the outset that you’re willing to take on an addition in a few years, you might find yourself falling in love with a place that can grow with your family.
As the adage says, location is everything. But if the neighborhood you are searching in is turning over fast, you may want to consider a place a little farther out of the way. Broadening your horizons by just a few miles could vastly increase your options in terms of size, style, or price. You never know—you might find that place that checks all the boxes just a short distance away.
In a hot market, buyers need to be ready to spot the potential in every home. Then, when you find that perfect place, have your financing ready so you can make your move right away. You might need to move fast to get the house that you want, but in the end, you can take your time building it into the home of your dreams.
I need help making a competitive offer in a seller’s market.
Yes
No
Read the article:
What Is a Verified Approval Letter—and How It Helps in a Competitive Market
Quick Tips
Serious about buying? Here’s how you can prepare:
• Collect relevant finance documents, like pay
stubs, tax forms and bank statements
• Apply and secure a Verified Approval Letter
from Rocket Mortgage® (it’s different from a
traditional pre-approval letter!)
• Put in your competitive offer with confidence
Competing in a seller’s market can be intimidating, but we’re here to help.
Did you know?
With the Rocket Mortgage® app, you can adjust your approval letter and offer amount on the fly. That way, when you make an offer, you can decide how aggressive or reserved you’re willing to be.
Sounds like you’re ready to go!
I’m not falling in love with any of the homes I’m seeing.
Yes
No
Read the article:
5 Signs a House You Overlooked Could Actually Be Your Dream Home
Quick Tips
You might need to put a little work in to make a good house into a great home. Try to:
• See past a less-than-perfect exterior
• Consider which renovation projects you’d be
willing to try
• Embrace the idea of DIY projects
• Decide if you can compromise on size
• Widen your search area or criteria
Don’t worry, this is more common than you think. When it comes to houses, it isn’t always love at first sight.
Lets make your dreams a reality. It’s time to:
• Add the house to your Saved Homes on
realtor.com
• Secure a Verified Approval Letter from
Rocket Mortgage® so you can make an offer
with confidence
Lucky you! Sounds like you already found your dream place!
I’m not sure what to do once I find my dream home.
Yes
No
Read the article:
Recent Home Buyers Share How They Knew Their House Was 'The One' (Plus, How to Be Ready to Move Quickly Once You’ve Found It)
Quick Tips
Real estate in 2021 can move quickly - here’s how to prepare so you can move forward with confidence once you’ve finally found “the one.”
• Do research on homes in the area so you have
a realistic idea of what you can get with your
budget.
• Make sure your financing is in order so you can
confidently make an offer
• Have a solid idea of your maximum budget and
prepare for counteroffers
No problem! We can help you make sure you’re ready to go once you’ve found your dream home.
Did you know?
House-hunting can be daunting, but rest assured that eventually, you’ll find the right match. In the meantime, keep browsing those listings, make a list of your priorities, and make sure your financing is in order. We’re rooting for you!
That’s okay. We’re sure the right one is out there for you.
I need help talking to my family about money.
Yes
No
Read the article:
Use This Formula for Low-Stress Conversations About Money
Quick Tips
When it comes to deciding what kind of home budget you can afford, we recommend each member of your family:
• Completes an individual financial assessment
• Respects each other’s personal relationship
with money
• Works together to find a common goal
Conversations about money can seem daunting, but they don’t have to be.
Did you know?
Now that you and your family are on the same page, keep the conversation going with an expert from Rocket Mortgage® and start working towards securing your Verified Approval Letter.
Sounds like you’ve already had that big conversation. Congrats!
I’m still trying to figure out my finances.
Yes
No
Read the article:
How to Feel More Financially Prepared to Buy a House in Just 5 Minutes a Day
Quick Tips
When it comes time to make a big purchase like a home, we recommend you first:
• Do some research to familiarize yourself with
mortgage-related terms
• Try an online calculator to quickly assess
your budget
• Chat with an expert to learn about down
payment options and other expenses
We help people figure out their finances, every day.
Did you know?
Keep up the good work - you’re closer than ever to purchasing your next home. Check out Rocket Mortgage®’s digital to-do list to stay on track while you're under contract.
Great! You’ve already figured out a big step in the home-buying process.
Ready to find and finance your next place but feeling a little stuck? Rocket Mortgage and realtor.com are here to help.
What Is a Verified Approval Letter—and How It Helps in a Competitive Market
By Realtor.com Creative Studio
Family First
Low Key and Comfortable
Go-Getter
City Dweller
Entertainer of the Year
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5 Signs a House You Overlooked Could Actually Be Your Dream Home
By Realtor.com Creative Studio
“Congratulations, your offer was accepted!”
Those words are cause for celebration for every prospective homebuyer—and especially so when vying for a home in a hot housing market. Although there are factors when competing with other buyers that are beyond your control, there is one step that will give you an edge: Start your home search process by getting a Verified Approval Letter (VAL), an underwritten offer that shows sellers your financing is verified.
Buyers in 2021 are facing a market with low inventory and lots of competition. Any extra certainty helps.
Thankfully, in a time when buying a house feels daunting, the process of actually getting a VAL is relatively straightforward. With online tools like Rocket Mortgage® by Quicken Loans®, it’s easy to enter your information and connect accounts to share necessary documents. From there, it’s a quick process to connect with a Home Loan Expert who performs a full analysis of factors like credit scores, debt, income and employment status, then sends you on your way with a Verified Approval Letter so you can shop with confidence. Not to mention how helpful it can be to ask questions during a no-obligation conversation with a Home Loan Expert from America’s largest mortgage lender.
I can speak from personal experience with buying a home in a very hot 2020 market. Unlike when my husband and I purchased our first home several years ago in a buyer’s market, our experience in a seller’s market called for us to do more prep work to compete with multiple offers. From our very first meeting with our Realtor®, she made it clear that just being pre-approved may not be enough. She stressed the importance of taking extra steps to show sellers we were serious and ready to buy—before even touring a single home. One level above a pre-approval letter, a VAL signaled we meant business and put us on a more level playing field with prospective buyers who could make cash offers.
Unlike with a pre-qualification, getting a VAL requires pulling credit scores. However, we knew we’d have to take this step in our home buying process eventually, so the slight ding to our scores was a non-issue when compared to the benefits of the VAL. In a market where moving quickly is key, having these steps done ahead of time meant that there was no down time once we were ready to make an offer. With this pre-approval, we could show sellers, yes, we could afford homes up to a certain amount and, no, our financing wasn’t going to be an issue for closing.
I am grateful we took our agent’s advice to check this task off the list before looking at houses. We soon realized that houses would come and go in a single day in our market. If we found one we wanted, the last thing we needed to do was scramble to get a pre-approval letter. By getting a VAL in advance that is valid for 90 days, buyers can be confident they can be competitive when ready to make an offer.
At the same time, going through the pre-approval process helped us get a clearer picture of what we could afford. Although we couldn’t control the ever-changing mortgage rates and how that would affect our ultimate payments when we purchased a new home, we knew how much we would be approved to spend on a home. It also gave us a chance to assess our real comfort level with our budget, which led us to set our personal “max” below the pre-approval figure. With a VAL, the Rocket Mortgage® app makes it easy to customize your approval amount to match your desired offer amount, or adjust on the fly if this amount changes.
All the while, we were also preparing to sell our home—which, let me tell you, was a very different experience! In this position, we knew we could confidently expect a handful of competitive offers within days of listing our home. Again, our Realtor® counseled us to take into account whether a potential buyer had a pre-approval letter. We knew that if we were looking at two side-by-side offers for the same amount, the buyer who came with a locked-and-loaded VAL would win out.
After practicing patience and having a bit of luck, we were able to confidently make an offer on a home that checked all of our boxes. Even in a hot market, that one offer was all it took: Our bid backed by a pre-approval was accepted!
Although our lender still needed to consider the home’s appraisal value, condition and title before giving us the official approval, we were glad to know our finances weren’t going to hold up the process. When we turned around to list our first house, we were thrilled to get a number of offers within the first few days—and ultimately went with a buyer who had a pre-approval letter.
I can say from experience that buying a house in a competitive real estate market is an exercise in coping with a lot of unknowns. From waiting for the right house to hoping the seller will accept your offer, learning how to take deep, calming breaths is a helpful skill to have. With a Verified Approval Letter, though, you don’t just have to cross your fingers and hope for the best—you can actually give yourself an advantage.
– Emily Glover
Family First
Low Key and Comfortable
Go-Getter
City Dweller
Entertainer of the Year
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Recent Home Buyers Share How They Knew Their House Was 'The One' (Plus, How to Be Ready to Move Quickly Once You’ve Found It)
By Realtor.com Creative Studio
There’s nothing quite like realizing you’re ready to pop the question: “Will you accept this offer?” Yes, just like in romance, many homeowners fondly can recall the special moment when they decided a house was “the one.” Whether it’s a hard-to-find feature or a home that stands out by checking nearly every item on a wish list, it’s exciting when you can begin picturing life playing out in a specific home.
For Bryan and Casey Morgan of Kansas, this process began by playing the field—or looking at hundreds of homes online for more than one year. By gaining a clear understanding of what features they could realistically expect in their price range, the Morgans were able to stay focused during their in-person house hunt.
After touring just a few homes with their Realtor®, they were won over by one with a wood-burning stove hook-up, recently updated kitchen, and fenced backyard. But for them, the biggest “wow” factor was one that other buyers may not have appreciated: the unfinished basement. As a couple that embraces house projects and appreciates the chance to put their own mark on a home, Bryan says they view the basement as something they can complete over time to increase their home value and living space.
Sold on the idea of the home, the Morgans were able to secure the sale itself by ensuring their finances were in order. “We gave ourselves some secret wiggle room that allowed us to reach outside of the budget we told our agent,” Bryan says.
Like the Morgans, one of the biggest steps for many buyers is getting clear about the budget. Talking to a mortgage lender before starting a house hunt in earnest can help increase the chances of being able to move quickly on the perfect home. Better yet, getting prepared with a Verified Approval Letter from Rocket Mortgage® by Quicken Loans® can help prospective buyers stand out from the crowd when making an offer. This formal pre-approval letter is an underwritten offer, which tells sellers that the prospective buyer’s finances aren’t going to be an issue for closing. And with the Rocket Mortgage® app, you can adjust the approval amount on your letter to match your current offer if, like the Morgans, you don’t want to reveal the absolute most you’re willing to pay right away. The upfront time investment in creating a budget and getting a Verified Approval Letter is well worth it down the road. When the house you think is “the one” comes on the market, you’ll be ready to move right away.
Aware of that, Kaitlyn and Matt Micali of New Jersey began the process of finding a home by first connecting with a trusted loan officer. By learning the price range of the houses they were eligible to purchase, the Micalis felt like everything quickly fell into place on one home—only for the deal to fall apart when the inspection turned up existing problems. With a new awareness of what to look for in a home, they found love again with a Cape Cod-style home that had been professionally flipped.
“The other homes we saw were older, too, but many updates seemed rushed,” Kaitlyn says. “Knowing ourselves and our time constraints, Matt and I were not looking for any long-term projects.” Thanks to the preparation work they did with their lender ahead of time, the couple was able to make an offer on the spot and win a bidding war. Research shows buyers who are pre-approved by a lender have a competitive advantage when making an offer on a home—and thankfully getting a Verified Approval Letter is easier than ever with online tools like those available through Rocket Mortgage®.
Of course, one of the biggest challenges with finding a home that you consider to be “the one” is that this stage of the house hunt is far from exclusive. Rather, you may be vying against multiple other suitors who also want to seal the deal. That was the situation for Erika Prucha of Nebraska when she and her husband found what they first considered to be a dream home. “My husband and I were looking at a house two doors down when the real estate agent put the sign in the yard,” Erika says. “The whole situation felt like fate.”
In what she describes as a heartbreaking turn, the Pruchas were outbid on the property. Throughout the next seven months, their search continued—but no home swept them off their feet in quite the same way. That was until one Saturday night when a new home went on the market and Erika immediately sensed it could be the one. “We pretty much knew we were going to buy it before we even looked at it,” she says, explaining it checked almost every box on their long wish list, such as big windows, wood floors, an updated kitchen, and a large yard for their two dogs to safely explore.
After learning from their first heartbreak, the Pruchas were willing to move fast and make an aggressive offer. With a Verified Approval Letter from Rocket Mortgage® , buyers have the flexibility to change their offer on the fly on the Rocket Mortgage® app—a prime feature for situations just like this one. This time around, the Pruchas weren’t taking any chances, and decided to go with their maximum offer right away, instead of holding back for a possible counteroffer. Their persistence paid off. Although the search itself didn’t play out as they had anticipated, Erika says it all feels worth it now that they are comfortably settled into “the one.”
Family First
Low Key and Comfortable
Go-Getter
City Dweller
Entertainer of the Year
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Use This Formula for Low-Stress Conversations About Money
By Realtor.com Creative Studio
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How to Feel More Financially Prepared to Buy a House in Just 5 Minutes
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By Realtor.com Creative Studio
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This content was paid for by an advertiser and created by the realtor.com advertising department.
The exterior details of a home are your first impression. If the home is a style that doesn’t match your vision, it can be hard to see past that to the great things inside. Don’t let this deter you. Instead, consider how you will live in the space first and know that you can update the exterior to match your style over time. Elise Polli, an award-winning Realtor® and owner of a realty located in Vermont, has this to say about this especially common occurrence with raised ranch-style homes: “I think there is a stigma with the raised ranches of the 1970s. However, they often feature two levels of finished living space and lots of windows and natural sunlight. Even if the exterior aesthetics of a raised ranch don't excite you, the easy flow of the floor plan should. And due to their design, they often lend themselves well to room additions off the back deck of the home."
So often the fixer-upper looks like a project that seems too big to tackle. But like any project, if you break it down into smaller goals, it soon becomes manageable. In a hot market like this, it may be a good idea to consider a fixer-upper. Elise explains, “It will be priced to sell and will allow you to build instant equity with updates. Lean into the shag carpet or dated oak kitchen cabinets and know that you will update them as time and budget allow.” Elise also explains how there are great renovation loans out there and how they can really benefit you in the buying process: “I suggest that you chat with a few loan officers to see what they recommend to buyers who intend to renovate. Many lenders offer loan programs with the fixer-upper in mind.”
Rocket Mortgage® has a team of live experts available seven days a week to help take the guesswork out of understanding your options when it comes to your mortgage loan. They can help you understand the loan options that make most sense for you and factors like contingencies that are especially important in fixer-upper purchases. Their expert advisers are available by phone, text, and live chat for a no-obligations conversation to find out what you qualify for and which loan types make the most sense for you.
When you have a clear vision in mind, it can be hard to see past a less-than-perfect paint job or carpets that have seen better days. Try shifting your mindset when it comes to these smaller fixes. Rather than seeing the need for new paint or flooring as a problem, try to look at it as an opportunity to tailor the inside of your new home to your exact taste. It can be exciting and fun to pull a room together to make it yours.
If you are planning on growing your family in the coming years, but the inventory for 3- and 4-bedroom dream homes in your area is constrained, consider looking at a starter home. It can help you build equity and prepare you for purchasing again in a few years. Alternatively, reconsider homes that may not have the exact layout you’re looking for, but lend themselves to additions that can be added over time. If you know from the outset that you’re willing to take on an addition in a few years, you might find yourself falling in love with a place that can grow with your family.
As the adage says, location is everything. But if the neighborhood you are searching in is turning over fast, you may want to consider a place a little farther out of the way. Broadening your horizons by just a few miles could vastly increase your options in terms of size, style, or price. You never know—you might find that place that checks all the boxes just a short distance away.
In a hot market, buyers need to be ready to spot the potential in every home. Then, when you find that perfect place, have your financing ready so you can make your move right away. You might need to move fast to get the house that you want, but in the end, you can take your time building it into the home of your dreams.
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Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.
Share This Article
Ready to get started? Rocket Mortgage® is ready to help. Tell us a little bit about your goals and we'll help you take the next step.