Buying a home soon? Here’s some home buying advice that will help you tremendously along the way!
1. Find a Great Realtor
Ask your friends, family, colleagues, etc. for referrals – via email, facebook, twitter…whatever – just make sure you ask around because a great Realtor is an invaluable asset during the home buying process. They will negotiate the best terms and price possible, stay on top of critical deadlines and inspections, work in close contact with a variety of other real estate professionals (such as the lender, title company, etc.) to make sure you close on time – basically, they are your lifeline. They bear the burden so you don’t have to, and they do it gladly.
2. Find a Great Lender
Again, ask for referrals. You can get estimates from a few different lenders – just make sure you compare all of the loan terms, not just the interest rate. A great lender will have a comprehensive understanding of the current mortgage market, and have the ability to explain various loan programs to you in a way you understand.
Everyone seems to want to buy a spacious home, close to the city with a huge yard, for less than market value. Wouldn’t that be a fabulous find!? The reality is, it’s highly unlikely you’ll be able to find a home that has absolutely everything you want – especially in a market with inventory as scarce as it is now. Prioritize which features/amenities are most important to you, and ask your Realtor what is a realistic expectation within your price range.
4. Price Range
Since we’re on the topic of price, let’s take a moment to address some very common mistakes that we don’t want you to make.
What you qualify for may be more than what you’re comfortable paying. You need to be the one to make that decision – but it may help to talk to your lender in further detail before deciding. There’s nothing worse than falling in love with a home that ends up being priced outside your comfort zone.
Focus on the monthly payment. $5,000 has a bigger impact on the seller than it does on the buyer/borrower. Why? Because you’re financing this amount over a span of time, whereas the seller will be receiving it as a lump sum. Every experienced Realtor will be able to recall stories of buyers who lost a great property over a few thousand dollars – an amount that would have only affected the buyer’s monthly payment by a few dollars a month!
To avoid making this same mistake, call your lender and ask what the difference in monthly payments will be. Then ask yourself if the home is worth that extra little bit every month.
It’s in everyone’s best interest for you to close on time – yours, the seller’s, the agents’, the lender’s, the attorneys’…the list goes on. So if your Realtor or lender needs something signed or documentation provided, do your best to get it to them immediately. In the world of real estate, time is of the essence – always.
I hope you find this home buying advice helpful! If you have any mortgage related questions, feel free to email me at TonyGarciaLoans@gmail.com or call me directly at 571.246.4373.
Thanks for reading and good luck in your home search!