Let’s face it, the home buying process can be pretty daunting whether you are purchasing your first home or your fifth if you don’t have a grasp on the basics. Our friends over at Mortgage Investors Group always have some great tips and tricks to help demystify the process.
We came across this article on their website and thought it would be useful to share! To view the whole article visit their site here.
Four Keys to Being Prepared for Your First Offer
1. Know exactly how much house you can afford. By pre-qualifying for a loan, you will have a great price parameter to stay within when searching for a home. This will also tell you not only the total amount you can afford, but also how much cash will need to be on the table to cover things like down payments, closing costs, purchasing interest points etc.
2. Know where you want to be. Finding the perfect house in the wrong neighborhood is not going to benefit you and your family in the long run. Some things to consider first: length of commute, quality of the school system, crime stats of the neighborhood, how far will you be from amenities, etc. Find an area in town that meets your criteria and start your search there. Then when you find a contender, its a good idea to take a walk around the neighborhood, talk to residents near your house, drive by at night to see if you can hear highway noise, loud neighbors, or constant dog barking.
3. Choose your Property type. Will you need an ample amount of space for a large family and pets? You will probably need a single family home. Single or Just the two of you? A condo, townhouse, or apartment might fit your needs perfectly. Some things to consider are HOAs, management fees, and whether or not you will have to carry homeowners insurance. All of these factors come into play when considering your bottom line monthly cost.
4. Obtain a valid pre-qualification letter beforehand. Proper documentation can save you a lot of wasted time and heartache. This should include document verification, credit check, and automated or actual underwriting.
The folks over at MIG can really make a difference in the ease of home buying. Contact one of our preferred loan officers, Matt Poag, today to find out how he can assist you in this process.
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Home Run Real Estate Team