Buying a Home in Another State

How To Qualify For a Mortgage Buying a Home In Another State

Gustan Cho Associates are mortgage brokers licensed in 48 states

This guide covers how to qualify for a mortgage by buying a home in another state. Buying a home in another state is becoming more and more popular. Many employers now offer remote positions where workers do not have to report to a local brick-and-mortar branch office. Many industries are now either closing many of their brick-and-mortar satellite offices or offering employees to work remotely. Remote wage-earners can qualify for a mortgage in any state they want to live in. Many taxpayers in high-taxed states, such as New York, fled to other low-taxed states due to the lower cost of living.

Considerations Buying a Home in Another State

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There are considerations for buying a home in another state. Buying a home in another state and how to qualify for a mortgage does not have to be stressful. Suppose an experienced loan officer qualifies you and gets you pre-approved by buying a home out of state. In that case, there is no reason for your to stress during the mortgage process, says Dale Elenteny of Gustan Cho Associates:

Many consider the mortgage process to be stressful. For those considering buying a home in another state may add to the stress of the mortgage process. The main reason why buying a home in another state can be stressful is most migrants to other states are not familiar with the area.

Out-of-state home buyers are often unfamiliar with the best neighborhoods, school districts, municipal ordinances, traffic, amenities, shopping districts, and culture. The following paragraphs will discuss the pros and cons of buying a home in another state.

The First Step In Starting The Out-of-State Home Buying Process

Out-of-state homebuyers with family, friends, or business associates in the state they plan on relocating to can start talking to them about their experiences in living in the area. They can visit and drive around the area they are looking to purchase a home.

They can also talk and interview a few realtors in the new state. Do not hire the listing agent to represent you. This is because listing realtors represent the home sellers, such as getting a premium price and terms.

This often becomes a conflict of interest representing both sellers and buyers. An experienced buyer’s agent who you get along with can be your best representative in representing you and your family’s best interests.

Choosing and Hiring an Out-Of-State Real Estate Agent

Choosing And Hiring An Out-Of-State Real Estate AgentChoosing a realtor and loan officer are two of the most important tasks when buying a home in another state. You need to feel comfortable with both the realtor and the loan officer. Get a list of referrals of realtors by family, friends, business associates, or other people you can trust.

Do not hire a realtor or loan officer just because they were a referral. Do your due diligence. Check out their online reviews on Zillow and other real estate websites. Make sure they cater to out-of-state home buyers. Talk to several of them.

Ensure they give you their cell phone numbers and are always available. For example, a loan officer that does not return calls after business hours or on weekends may not be a good fit. You can always change realtors and loan officers during your home buying and mortgage process if you are unhappy with them.

How To Choose A Realtor On Your Own

Some folks do not want to bother family, friends, or co-workers by asking them for referrals and want to hire a realtor alone. Some do not want others to know their business, while others feel like they are imposing. Today, the internet can be your best friend when doing research. There are countless experienced, talented real estate agents and loan officers nationwide.  John Strange, a top-producing senior loan officer at Gustan Cho Associates, says the following:

Start researching by finding online listings of homes that interest you. Top-producing agents will appear with many listings and sold properties in geographical areas. Remember that it is best recommended that you hire a buyer’s agent to represent you and have your best interests in mind.

Google terms like Memphis Tennessee Buyer’s Real Estate Agent or Lenders With No Overlays. Look at Zillow and check out their online reviews. YELP and other Review Sites will list customer reviews, both good and bad. Other sites, such as or, can list profiles of particular agents. Ensure you do not end up with a new realtor or loan officer. Hire someone who has extensive experience and knows their markets.

Choosing The Right Out-Of-State Home

Do not purchase a home site unseen. Pictures can be misconstrued. Try to make plans to schedule showings or attend open houses. Communicate with your realtor as much as possible. Talk to neighbors if you are attending open houses. Ask as many questions as possible. Watch virtual tours. Make sure you visit the property at night and on weekends and see what activity occurs. Hopefully, no drug activities or thugs are hanging on street corners. For more information about this article or other real estate/mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at

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