What's the first step in purchasing a home

What’s the Initial Step in Purchasing a Home?

The very first step in purchasing a home—especially in Portland’s competitive housing market—is getting pre-approved for a mortgage. While it might be tempting to start browsing homes online or touring open houses, knowing exactly how much you can afford sets the foundation for a smooth and successful buying journey.

A mortgage pre-approval not only helps you understand your budget, it also shows sellers you’re a serious buyer. In a market like Portland, where multiple offers are common, being pre-approved can be the difference between getting your dream home or losing out to another buyer. This step involves working with a trusted lender who will review your income, credit history, debts, and assets to determine your loan eligibility and maximum purchase price.

Beyond the numbers, pre-approval also allows you to lock in an interest rate for a set period, giving you more stability as you shop for a home. Plus, it helps narrow your search so you’re only looking at properties that truly fit your budget and lifestyle needs.

Working with a local expert like Lisa Mehlhoff Homes, Portland Realtor, ensures you’re connected to reputable lenders, informed about the latest market trends, and prepared to move quickly when the right property hits the market. By starting with pre-approval, you set yourself up for a confident, competitive, and stress-free home-buying experience.