The process of buying a home can be an emotional, time-consuming and a complex process. There are a few things that you can do to help make the process go as smooth as possible:
1. Check your credit.Â
Before you apply for a home loan, regardless of your credit, it's best to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are any errors or discrepancies, address them before applying for a mortgage loan to prevent delays.
2. Get pre-approved before you look.Â
A pre-approval means that a lender has reviewed your credit history, verified stable employment and income. Your lender will provide you with a 'pre-approval letter" to submit with your offer stating that you can afford the to purchase a home. Sellers are more willing to accept offers that are presented with a letter.
3. Find a great BUYERS agent.Â
Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you. A buyers agent's job is to represent you to the best of their ability and provide a fiduciary responsibility (meaning legal duty) to you, the buyer.
You must officially hire/retain an agent to represent you by signing a Buyer Agency "Exclusive Right To Representation" Agreement"
4. Protect Yourself.Â
Ask your Realtor for a copy of all documents that you sign. Read the entire document and ask questions so that you'll understand what you are signing. A good agent will review the paperwork with you and explain what you are signing in a way that you would understand.
5. Have reasonable expectations.Â
No house is 100% perfect. Understanding and remembering your needs vs wants is KEY. If you can afford to purchase a $125,000 home be realistic with yourself and fair to your agent. Do not have them driving you all over the city trying to find you a $300,000 home with a $125,000 price tag.
With the interest rate being under 3.5% why rent to $800.00 a month when you can OWN IT. Stop giving your money away!
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