Nix Emotional Decisions

Nix Emotional Decisions

Home buying doesn't begin with home searching. It begins with a mortgage prequalification. Often, first homebuyers "are afraid to get prequalified," says Steve Anderson, owner of Re/Max Benchmark Realty in Las Vegas. They fear the lender may tell them they don't qualify for a mortgage or they qualify for a loan smaller than expected. "So they pick a price range out of sky and say, 'Let's go look for a house.'"

That's a backward approach, says Ed Conarchy, a mortgage planner at Cherry Creek Mortgage in Gurnee, Ill.

"You get preapproved, and then you find a home," he says. "That way you'll make a financial decision versus an emotional decision."

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First-Time Homebuyers

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