Who Should You Talk to First: A Mortgage Professional or a Real Estate Agent

Buying a house is a big step, and knowing who to talk to about buying a house first can make the process smoother. If you’re a first-time buyer, you might wonder: should I find a real estate agent or lender first?

Both professions play a massive role, but which one should come first? Let’s explore.

Start with a Mortgage Professional for a Clear Budget

Why should you speak to a mortgage professional first? Before you start looking at homes, knowing what you can afford is essential, saving a lot of time, stress, and disappointment in the long run.

A mortgage broker helps you understand your borrowing power, meaning they will assess your income, debts, and credit score to determine how much you can borrow. This prevents you from falling in love with properties that may be out of reach and helps you focus on ones within your budget so you’re one step closer to finding your dream home. They’ll also help you get pre-approved—which shows that you have financing in place and are serious about making an offer, making you a stronger buyer in the eyes of sellers.

Additionally, a mortgage broker can give you access to various loan options from multiple lenders, helping you secure a competitive rate that suits your needs. Having this sorted early speeds up the buying process, so when you do find the right home, you’re ready to move forward without delay. So, if you’re wondering who to talk to about buying a house, starting with a lender is often the best first step.

When Should You Talk to a Real Estate Agent First?

On the debate of “should I find a realtor or lender first?”, although a mortgage professional is usually the first call, there are times when a real estate agent can offer value when you engage them earlier in the process.

An agent knows the local market like the back of their hand and can provide insights into different neighbourhoods. Plus, a good agent will help you understand pricing trends and which areas match your lifestyle and budget. Having an agent with strong local connections also has its perks when it comes to homes that aren’t officially listed—you can have the first look at properties before they hit public listings, a golden opportunity to buy before others.

Once you’re pre-approved, your agent can also guide you through negotiations and paperwork to secure the best deal. However, it’s important to note that most agents will want buyers to be pre-approved before showing homes. So, if you haven’t spoken to a lender yet, your agent will likely refer you to one right away, making the financing process smoother.

How a Mortgage Professional and a Real Estate Agent Work Together

Your mortgage broker and real estate agent should work as a team. The mortgage broker helps secure financing, while the real estate agent helps you find the right home and negotiate the best deal.

Think of it as a two-step process:

1. Talk to a mortgage professional: Get pre-approved, set your budget, and understand your loan options.
2. Work with a real estate agent: Find a home that fits your budget and goals, then negotiate a great deal.

A finance investment advisor can also be helpful in this process, ensuring your home purchase aligns with your long-term financial goals.

So, Should You Find a Realtor or Lender First?

If you’re serious about buying a home, a mortgage professional should be your first call. Knowing your budget, securing pre-approval, and understanding loan options will make the rest of the process a lot easier. Once you have your financing in place, a real estate agent can help you find the perfect home within your budget.

Thinking about buying a home? Speak to a mortgage broker today at Inovayt to take the first step toward homeownership.