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Making The Home Buying Process Easier

Here is an article we would like to share, courtesy of By Referral Only. These are 5 great tips to help any home buyer make the process easier and less stressful.

In reality, there are only five things you need to know and do to make your home buying experience as simple as possible.

1.  Get pre-approved for your loan.

If possible, get “pre-approved” for a loan in the amount you’re willing to borrow.

With this pre-approval, you’re in a stronger position to buy a home when you’re ready – rather than finding your dream home, only to lose it to another buyer because you were waiting on the approval.

2.  Find a great real estate consultant.

Once you’ve decided to buy a home, find a great real estate consultant.  What you’re looking for is a Buyer’s Agent.

This means that the consultant represents YOU as the buyer, rather than the person selling the home. They will have YOUR best interests at heart.  Really good consultants know their markets, and will help you find the best match for your needs and wants. They can also recommend mortgage brokers with whom they’ve worked in the past.

3.  Look before you leap.

Drive around the neighborhood at different times of day.  Get out and walk around and chat with neighbors.  Some people like friendly neighbors, others think of them as nosy. Drive to the local grocery store, laundry, anywhere that you frequent.

Visit nearby schools and see for yourself how the kids behave and how the grounds look.  The point is to see if this is really the type of neighborhood you want to live in BEFORE you make an offer.

4.  Be prepared.

Make sure your contract has reasonable contingencies included to protect you as a buyer.  Reasonable can be things like approval by a home inspector, and title clearance. For the long-term investment, make sure that you buy homeowner’s insurance, and upgrade it as the value of your new home and its contents increase.

5.  Be reasonable.

No home will be without flaws.  Many times it’s these flaws that lend character to older homes, but nonetheless, it will take SOME work to personalize any home.

Preparing yourself with these five simple things – loan pre-approval, a great broker, getting to know the neighborhood, protecting yourself, and being reasonable – will help make the home buying process easier for you and your family.

5 Mistakes to Avoid When Buying a Home

Here are 5 mistakes that are commonly made by homebuyers, but can easily be avoided.

Mistake #1

Not knowing how much you can afford to pay for a home before you make an offer.

You can avoid this mistake by going through the process of getting pre-qualified and then pre-approved with a mortgage lender. You will then receive a certificate of eligibility to go house shopping and make offers with your realtor.

(Get pre-qualified today)

Mistake #2

Not finding out in advance who the real estate agent represents.

This mistake can be avoided by….Asking your realtor! People think their agent is working for them, but unless the agent is working as your buyer representative, then he or she are representing the seller.

Mistake #3

Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and taxes.

This mistake can be avoiding through consulting with a mortgage consultant before making a final decision on which mortgage to choose. You can never ask too many questions in the home buying process.

Mistake #4

Not looking for hidden defects before buying a home.

A home inspection should always be conducted by a professional before purchasing.

Mistake #5

Not knowing how your debt can affect your ability to buy or refinance a home. Be 100 percent honest about your debts when buying a home. You need a good credit profile in order to purchase a home, so start working on it a year in advance of when you want to buy. Speak with a mortgage professional to help give you guidance and improve your credit.

Also, on a side note, if you are in the process of buying a home, DO NOT add any new debts to your credit! Don’t open credit cards, don’t buy a car, don’t do anything until your transaction has closed and you have the keys in your hand.

Have a question about buying a home? Click here

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