Buying a home is one of the most important decisions you’ll make during your lifetime. Because of this importance, it’s a good idea to be careful with every step you take to ensure you get right home. The buying experience can be thrilling or stressful depending on your level of preparedness. If carefully planned, you stand a better chance of avoiding delays. The following six steps will help you make the home buying process more manageable for the best possible decisions.
1. Know Your Credit Score
Your credit history plays a significant role in your ability to secure a home mortgage loan. Due to the Fair Credit Reporting Act, you can access a copy of your credit report for free once a year. Check with all three of the major reporting agencies because each one may record something different. Make sure you pay any delinquent debts and report errors. You want your credit report to show that you’re dependable and can repay a mortgage loan.
2. The Importance of Saving Money
It’s a good idea to start saving as early as possible to avoid the stress that comes with raising a large amount of money within a short amount of time. The more you can raise, the less you must borrow. Remember, you’ll need money for closings costs and moving fees on top of the down payment. It’s better to save more than the amount needed than to get caught short.
3. Find the Right Real Estate Agent
When looking for a real estate agent, you need the best since you can’t afford to play around with your resources. Choose a real estate agent who genuinely cares about your needs and listens to you. They should communicate at a high level, work from a place of integrity, and be available when needed. Their experience and knowledge will help you with a smoother buying transaction than if you went it alone.
4. Get Pre-Approved for a Home Mortgage Loan
Shopping for a home before you’re pre-approved for a mortgage loan is never a smart move. Pre-approval shows the lenders willingness to provide you with needed funds. Once pre-approved, you’ll have the confidence to look for a house in the right price range, and sellers see you’re serious.
5. Placing the Right offer
Serious consideration should be given to the timeline, asking price, and pending appraisal when making an offer. Check with your real estate agent for valuable advice on how to proceed. Keep in mind that you’re offer may have competition. If it does, your real estate agent’s negotiating skills come into play. Ensuring that you have a strong negotiator on your side is a plus!
6. What Happens after Offer is accepted?
An acceptance of your offer brings you a feeling of happiness and satisfaction. However, there are a few other procedures before closing day. You can apply for a mortgage loan immediately after your offer is accepted. The lender will require an inspection to see if the home has insect, structural, or system issues that need to be addressed. Similarly, an appraisal is ordered to double check the value of the property. Before long, you’ll be ready for closing day. On this day, you meet with all parties involved in the transaction and sign paperwork, pay fees, and accept the keys to your new home.
Your real estate agent is the best source of information about the local community and real estate topics. Give the Debra White Real Estate Team a call today at 559-994-9282 or 559-994-9281 to learn more about local areas, discuss selling a house, or tour available homes for sale.