Top Ten Tips For Home Buyers
More than seven million American homes are sold every year. If you want to become a homeowner, there are 10 tips you should know:
About You
Pay your bills on time.
This makes you a lower credit risk and, therefore, a better candidate for a mortgage at the lowest possible rate. Paying your bills now can make it easier for you to get a mortgage later.
Check and update your credit report before starting to look for a home.
Credit reports are used by lenders to determine whether you will qualify for the mortgage you seek and for the interest rate you pay, so make sure your report is accurate.
Determine what monthly mortgage payment you realistically can afford.
Calculators to determine this can be found at The Home Loan Learning Center, which is part of the Mortgage Bankers Association's web site. Take time to learn important terms and understand their meaning.
About Your Loan
See your lender first.
Find out what you can afford before you look at houses.
Shop around.
Compare the different types of mortgages and the interest rates offered by different lenders. Have the lender validate your calculations and agree that you are qualified for a home loan and monthly payments of that size.
Get pre-approved
Getting pre-approved will not only give you the piece of mind knowing you can afford what you are looking at, it will also give you leverage at the negotiating table.
Understand the deal.
Ask about closing costs and other fees before you sign the documents. Ask if you will incur costs if you refinance or prepay your mortgage.
Work interactively with a mortgage lender.
Your lender will likely need to talk with you from time to time and may need additional information. Make sure you get back to your lender quickly so the process can be completed as soon as possible.
About Your Home
Avoid emotional buying.
Before you look at any house, determine what features you really need in a home and then try to stick to the list you made.
Ask your agent for a CMA (Comparative Market Analysis).
This report is not just for sellers. A CMA will give you a clear understanding of what homes in the area have recently sold for, giving you the assurance that your offer is not too high.
And #11......get representation! The professional services that I provide for my buyers is FREE of charge!! Take advantage now by filling out the form below.