You are about to invest in your most valuable asset. Below are our top eight recommendations to make you more confident as you start your home buying journey.
Your credit rating
Having your finances in order is probably the most important step you should take. Your credit report reveals your financial history and plays a very important role in the mortgage approval process.
Understand how mortgages works
Contact a mortgage broker.
A mortgage consultant will familiarize you with the mortgage laws and structure. They have access to numerous lenders and will provide you with the information you will require to make the right decision. These options are crucial in making an informed decision.
Get a mortgage pre-approval
Do you know how much house you can afford? Probably not, unless you’ve talked to a mortgage broker. A pre-approval will guarantee you the best rate for the next 120 days! A pre-approval will help you in other ways too. Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?
Sorting out your needs and wants
Buying a home isn’t as difficult as you might think. The process will go a lot smoother if you familiarize yourself with your real estate market and narrow down your wants and needs before you start looking at houses.
Prepare to work with real estate agents
Real estate agents represent buyers, sellers, or both and play an essential role. It is important to understand agent duties and loyalties before you make that first phone call.
The great home search
The Internet is a great tool – you can spend endless hours searching the public version of the Multiple Listing Service website. You can also pick up Home For Sale magazines and read classified ads in your local newspapers. You might even plan an afternoon drive to preview neighborhoods. These are all excellent ways to see what’s available out there.
Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase. Appoint a professional to conduct the home inspection. Study what kind of house it is and consider its market value.
Making the offer
There is no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so it is important to discuss with your real estate agent, fine-tune your offer and take care of all the contractual considerations.
Currently a five-year fixed rate is available as low as 2.89per cent and the Variable Rate is available as low as 2.40 per cent.