When you’re a new home buyer, there can be quite a bit to think about. Let’s visit here and look at a few pieces of information that will help inform you and make you ready to start your search. You can also check this out if you’re looking for some property valuation experts who can provide best valuation services you may need when buying a home.
If you’re planning on moving every year or so, you are likely not an ideal home buyer. The reason for this is that liquidating real estate is not a cheap process. People who move quite often would be better off looking into purchasing a rental property that they can hold onto for a longer period of time.
Buyers always seem anxious to go out and start shopping, but this is actually not the first thing that needs to be done. You will want to talk to a lender first and get pre-approved for a home mortgage loan. This will ensure that you are looking for homes in your price range. And make sure that you get pre-approved, rather than pre-qualified. The pre-approval process is when the lender bases your qualification on actual financial data and credit worthiness.
You will want to make sure you have a look at your credit report months before you are ready to shop. If you take our advice and get your pre-approval ahead of time, you can do this when you sit down with your lender, who can pull your credit for you. Then, if there are any corrections that need to be made, you have time to do so before you’re ready to actually buy.
Make sure you are looking at homes that you can actually afford. When the lender discusses your pre-approval, she will give you a maximum spending price. But you need to know that the price for which you qualify if not the most important aspect. A fantastic lender, who really has your best interest at heart, will talk to you about how much money you’re comfortable paying each month. This amount may not equal the amount you would have to pay for the price at which you are actually qualified, so you need to know both.
Don’t have 20% to put down? This may not be an issue at all. FHA loans only require 3.5% down, and VA loans don’t require any! Talk to your lender to see if either of these options are appropriate for you.
Find a good REALTOR to work with. There are so many hiccups that can happen during the course of an escrow, and having an experienced agent in your corner is invaluable. Plus, the seller pays your agent’s commission!
Don’t write any offers with out doing plenty of fact finding. Your agent will be invaluable here, as he will be able to contact the listing agent to see if there are competing offers, any known defects with the property, and other pertinent information. The facts that may be uncovered could greatly influence your offer stance.
Inspect the home! Although you will receive a pile of paperwork full of seller disclosures, it is imperative that you hire your own inspector to give you an unbiased opinion as to the condition of the home. If the inspector uncovers any big-ticket repair items, it may be appropriate to ask the seller to make repairs or reduce the price. Your agent will help you with this.