Are You Ready For Home Ownership?
If this is the first time you are buying a house there may be some things you aren't aware of. Here are a few things to think about in your process for buying a home and may answer some questions you have.
Find the Right Team
Make sure you find the right people who are going to make the home buying process as enjoyable as possible. With all the excitement and emotion that goes into buying a house, you want people on your side who are professional and will keep you focused all the way through the process. These people include your buyer's agent, lender and possibly a real estate lawyer. With our trained sales partners will work to keep you informed and get the best possible deals. We can also refer you to reputable lenders and lawyers who past clients have had great success with.
Just the mortgage, right?
A lot of times, people think because they can afford a mortgage, they can afford a house. Though mortgage payments are a crucial cost to owning a house, that's not the only cost you have to worry about. Other costs you should to be aware of include homeowner's insurance, taxes or even home owners association costs. These kinds of costs can add up to being much more than what you expected just for the mortgage. You always want to be sure you have money left over for the rainy days.
Get Pre-Qualified Before You Shop
An important step to get done, if you're planning on buying, is meeting with a lender and getting pre-qualified. As fun as spending a day looking at awesome houses is, it's important to know how much you can actually afford. Getting pre-qualified is crucial to knowing if your truly able to buy and being able to put a strong offer together as well. Unless you are able to put a full cash offer down, work on getting pre-qualified before you shop. Make sure to let the lender know you are a first-time home buyer too. There are programs available to assist your purchase.
Know Your Credit Situation
Having good credit can help you the rates of your loan. When every percentage on your loan can mean thousands of dollars of savings or costs, having good credit can go a long way. It can also affect your ability to get a loan in general. If you need to bring your credit score up, the lenders we refer can offer advice and help you plan to bring you closer to your goal. Always keep in mind that you want to stay away from any big purchases or spending lots of money during this time. Everything counts!
Make sure to educate yourself on areas you are looking in and even some of the real estate terminology. It always good to know about the cities and neighborhoods you are looking to buy in. Knowing where the nearest schools or shopping centers are may affect which neighborhoods you want to shop in. Also, when you are searching to buy, terms such as "foreclosure," "short sale," or "real estate owned" may be foreign to you. Get familiar with what these mean. As always, our sales partners are always willing to help and answer any questions you may have.
Shop the Right Way
Know how to shop when looking for a house. Even though you may plan on looking at houses all day, try to narrow you choice to about 5 or 6. Too much of a good thing can wear you out and eventually you start forgetting what you liked about houses from earlier that day. If you do find something you like, don't be afraid to take a second look. At this point your sales partner can find out more information about the house. They can find out things such as if any offers have been made or how motivated the seller is. If you like it, make an offer!
If you would like to learn about the steps to home buying, please do not hesitate in reaching out to us at 909-938-9568.