April 4th, 2017 8:56 AM by Jackie A. Graves, President
are, the roof over your head is the single biggest and most important purchase
you will ever make, and certainly the most expensive. Whether you are a young
couple looking for their starter home or a recent retiree ready to downsize and
find something more appropriate, you should approach the home buying process
with the seriousness it deserves. Buying a home is not like buying any other
product. For one thing, you could be living with the consequences of your
choice for the next 30 years, the amount of time it will take you to pay off
the mortgage. For another thing, the average price of a new home is well into
the six figures, so you will be putting a great deal of your own money on the
line. Before you can find the home of your dreams, you need to prepare
yourself, and your bank account. Here are some tips to get you started.
Before you call a real estate agent or attend a single open house, you need to
make sure lenders will like what they see when they look at your credit. If you
already know your credit score, you are one step ahead of the process. If not, finding that score should be your first course of action.
You can download it for free from any of the major creditors. Once you know
your credit score, there are things you can do to improve your standing. From
paying down debt to reducing your credit card use, the actions you take now can
make buying a home easier.
With your credit as good as it can be, it is time to get pre-approved for a
mortgage. Unless you are independently wealthy, buying a home will mean taking
out a mortgage, and getting pre-approved will give you one less thing to worry
about. A pre-approval letter can also give you extra negotiating power when it
comes time to make an offer. When fielding multiple offers, the seller may
gravitate to the one with the guaranteed financing, and that can be good news
Finding a real estate agent you can trust will also factor heavily into your
success, so seek out a professional who understands the neighborhood where you
want to live. Focusing on neighborhood expertise is very important since buying
into an up-and-coming location can give you additional appreciation down the
line. Denver real estate attorney, Don Eby says
having an agent with law experience can help you make a more informed decision
Last but not least, you need to protect yourself with the right advice. Before the offer has been made
and accepted, it is important to have a professional review the paperwork.
Hiring an attorney to review the contract and other documents is an essential
part of the home buying process, and one that will make your life easier now
and for 30 years to come.
sure you know how to make your first home purchase and do the simple tips here
to make the whole thing a little more manageable.
BY Eileen Oshanassy - To view the
original article click here