The home-buying process can be a bit overwhelming, but it doesn't have to be. We've rounded up our top tips for simplifying the process and making sure you get the home of your dreams.
1. Know what you want and what you can afford
Before you start looking at homes, make sure you know what kind of house you want, as well as what price range is best for your situation. If you're not sure where to start, talk to a lender about how much money you have saved up for a down payment and how much interest rate is appropriate for your credit score.
2. Get pre-approved before shopping around
If possible, get pre-approved through a lender before shopping around so that all of your options are on the table from the beginning of the process. If not, make sure to pre-qualify before visiting any lenders or real estate agents so that you can make informed decisions about which properties qualify best for your needs and budget!
3. Don't buy anything until it's right; don't settle
Know what kind of mortgage you want before finding a house! At this point in time there are many different types of mortgages available and each one has different features and requirements. If possible, it's best to speak with an agent who specializes in helping clients find their dream homes before making any decisions about what type of mortgage they will qualify for based on their income level or credit score; otherwise, they could waste valuable time trying out several different options until they find something that works best for them personally!
The Current Market is Hot
The current market for homes is hot. It's been getting hotter and hotter since the economic downturn, and that trend shows no signs of stopping. In fact, it's likely to continue as long as unemployment remains high. And while you may not want to buy in a hot market, it's also true that there are plenty of good deals to be had if you do decide to buy now—especially if you're willing to take some creative risks. There are many ways to make sure that your home buying process isn't too stressful or time-consuming:
a) Start with a Realtor® who knows the area well and has experience selling homes for top dollar
b) Analyze your budget thoroughly before diving into negotiations (you might have second thoughts about spending too much)
c) Know what you can afford at closing (and stick with it)
Do you know who your friend is?
You can ask any real estate agent whether they think the housing market is going to get better or worse, but if you want to be sure, you should ask a mortgage lender.
Mortgage lenders have access to information that real estate agents don't have, so if you want to know what's going on in the market as you're buying your home, talk to a lender before you see an agent. They'll be able to tell you about the current conditions and give you advice that will help make sure your loan goes smoothly.
