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For Buyers

The process of buying a home can be tedious and stressful. But a well- prepared home buyer can make the process work to his advantage. Armed with the right information, a well-prepared home buyer can make the right decisions, plan the next step, and get the house and mortgage that he wants.

And it starts here:

  • Start with the credit score
    Buyers are advised to get their credit score from a credit agency (Equifax, Experian, or TransUnion) before approaching a lender. To get a mortgage with the best interest rate, one needs a good credit score. A low credit score can be an issue, but it is an issue that can be fixed by paying off debts and settling other missed transactions.
  • Get pre-approved for a mortgage
    Getting preapproved for a loan is a prudent next step. It arms the buyer with just what they can afford, and also speeds up the process of getting loan. However, a pre-approval letter is not a guarantee of mortgage approval. Its better considered as proof of one’s commitment in purchasing a home.
  • Hire a real estate agent

  • An expert real estate agent can be a buyer’s biggest advantage. With a professional at his side, a buyer will be able to get the help he needs in finding a home, navigating the paperwork, and other complicated matters. The mark of an excellent real estate agent is his ability to simplify even the most confusing of transactions for his client.
  • Set a budget
    Pro tip: A buyer should aim for a home that only costs two-and-a-half times his gross annual salary. Buyers who have debt and other significant financial issues should set their budget even lower. Another thing to consider is the down payment and the closing costs itself. Typically, lenders are more confident with buyers who have at least 10 to 25 percent of home’s price as down payment.
  • Research on financing
    Looking for financing can be a challenge. The good news is that there are numerous ways to get financing especially for first time homebuyers. Look up on government home buying programs such as FHA or VA loans (for military personnel). These programs are perfect for buyers who lack the means to come up with 10 to 25 percent down payments.
  • Look up homes
    Buyers should know exactly what they want and how much they can afford to save time and effort in the house hunting process. The more defined their needs against their wants, the easier it is to find a home that suits them to a tee. Also time the house hunting during the off-season. Sellers are more likely to negotiate and buyers face less competition.
  • Make an offer
    Speed is essential for a buyer. Buyers should never lowball, and instead make an offer that is fair for both the seller and himself. Negotiations are more than welcome and both buyer and seller should be able to reach a mutually satisfactory agreement on the sale of the house.
  • Close the deal
    Settlements or “escrows” differ throughout the country. It is here where the title passes from seller to buyer. However, there is still a plenty of work to go over. Both parties should go over all the documents and review the statements to ensure there will be no problem in the future.

Once all of these is done, congratulations are in order for the brand new home owner.

Call Nancy today and see just how a real estate expert can help. Give her a ring at (480) 748-1696.