How To Make Home Buying Effortless: 3 Tips For The Smart Home Buyer
We at Team Peace both work in the real estate industry and we wanted to share some tips with all the people out there who are thinking of taking the plunge and buying a house. Buying a house can sometimes be a daunting task and some buyers just go with the fist house they see because it fits the budget even though they don’t fall in love with it, OR they see a house they love and is out of their price range so they just continue to rent instead. We want you guys to be able to check out houses that are in your price range AND that you really want to live in. Here are 3 important tips from us:
Research, research, research! Buying a home can be an overwhelming process and emotionally draining according to The Balance, they say that buyers should schedule a maximum of 7 homes at a time because any more than that will make a buyer’s head spin. Then get all of your important documents in order and ready to go for when the underwriter asks for them. Make sure you can easily access your pay statements, tax records, and anything else the lender might want to know about. Also, clear up any debt problems you know you have. This will save you a huge amount of time and start looking at Realtor.com or Zillow.com to find out what people are asking for the house you’d like to live in.
Before you start shopping, it’s important to get an idea of how much a lender will actually be willing to give you to purchase your first home reminds Investopedia. Talk to a Lender and get Pre-Qualified well before you are actually ready to buy. A credit score says CNN Money, is a number calculated from a formula created by Fair Isaac based on the information in your credit report; you have three different credit scores, one for each of your credit reports. The lender will happily help you work on your credit and cite the things you need to do to get yourself in a position to buy with a decent credit score. They will also know the actions you need to take that will have the greatest effect on your credit score in the smallest amount of time. I’ve seen credit scores jump by 40+ points in a matter of two months! It really depends on your situation, and the lender is going to be able to help you with that. If you didn’t qualify for the houses you were eyeing from Step 1; then see if there are any houses within your price range that the lender gave you. If you can’t find a good lender then skip to Step 3.
FREE TOOL: To get a sense of where your credit stands, go to myBankrate to collect your credit report and score today, free and with no obligation.
Find a Realtor.
If you can’t find a lender on your own, then a realtor is likely to have a list of lenders that they prefer to work with that can ensure the deal will close. Select an agent carefully and prepare questions in advance of a meeting warns Macquarie. They further advise to find out what kind of experience the agent has, how many buyers they are representing and if they can share any references. It’s not all about the connections though. Make sure you find a realtor that makes time for you and doesn’t enforce a policy of ‘I show you three houses, pick one.’ You are the customer and they should be happy to help you, not the other way around. Your Realtor will also be able to help you in finding what types of houses you can afford at a certain price point within your area. This is why the second step is so critical. If you don’t like anything in your price point, then go back to step two and improve your credit score even more so you can afford a better loan with a better rate; after that, come back to step three.
Don’t forget Team Peace!
Remember, buying a house is a very emotional process. Fox Business shares that a good way to cope with the stress of home-buying is to make a checklist of your must-haves, nice-to-haves and other essentials and every time you visit a house, take the checklist along with you; take photographs so you can cross each item off your list. If you fall in love with the house and your checklist shows that the house has none of your must-haves, that will give you cause to check out another house. We at Team Peace are ready and willing to help you find the house of your dreams, you can reach us here or at out Century 21 pages. Click here for Kacey and here for Gerald.