Buying a home is always a great investment. Being prepared and educating yourself on all the things you need to know is critical to you becoming a successful homeowner. The following tips will help you understand the home buying process.
Go to open houses.
Attending open houses lets you get a grip on what you can realistically expect to find in your budget. Browsing through listings online is just the first step. Often, actual homes look quite different from their online photos, which can be focused on or touched up to show only the best parts of the property.
Get pre-approved with a mortgage broker.
Getting pre-approved allows you to find out how much a mortgage lender is willing to lend you and at what interest rate. You can ask about percentage, mortgage insurance, points, fees, turn around time within escrow, will they give you a underwritten approval letter before you go into escrow? Can they help you fix your credit if there are any issues (or at least help point you in the right direction)? Also, If you have a realtor, you may want to ask them for some recommendations.
This is relatively easy to do. You can buy without a realtor, but if it’s your first time, it is better to hire one. There are some legal obligations that realtors will help you through, so if things go wrong—they are partly on the blame list.
Making an offer.
Letters that go with offers can make the difference. A little history of you and why you want to move into a particular area. Nowadays everyone is going to overbid a certain amount, so sellers have to have some other criteria to base their decision.