Is one of the New Resolutions you made about buying a home? One of the most important factors which could make the home purchasing process a lot easier is to plan ahead of time. When you do so, you will be able to understand the process and choose the home which suits you the most. Planning well ahead of time also helps to discover some shortcuts which could be used in the home buying process. Here are some resolutions you should make to buy the dream home you always wanted.
Resolution 1: Decide Exactly What You Want
The very first and the easiest step is to decide what you actually want. You should be able to determine the where, when and what about this purchase. Some questions you should ask yourself are as follows:
i. What type of house do you want?
ii. What area would you like the house to be located in?
iii. When would you want the purchase to be finalized?
Because buying a new house is an extremely serious commitment you should definitely spend a lot of time in thinking about the whole process before making a decision. Choose a house in which you will be happy for several years to come.
Resolution 2: Get Your Finances in Order
Once you know what exactly you are looking for, it is time for you to get realistic about what you can actually afford. How much money have you set aside for the down payment? What is your monthly budget for the mortgage going to be? Do you have the amount required for closing taxes and costs? Is your financial position stable? There are very few people who can purchase the house using cash. Therefore, start planning on getting a loan as well. Which leads us to our next resolution.
Resolution 3: Get the Pre-Approval Before You Begin To Look for Houses
Pre-Approval means speaking with a loan officer to have your credit files reviewed and getting the approval of the loan officer before-hand. If your loan officer believes you qualify for the given loan amount only then proceed to apply for a loan. Based on your income, debt, and other information, the lender is going to provide you with the pre-approval letter, which will effectively show your borrowing power.
Even though it is not the final loan approval, these preapproval letters will be used to show that as a home buyer you have the ability to move forward with a home purchase successfully and is generally required to submit an offer on a home. This information is extremely important for homeowners as they are unlikely to accept offers which are probable to fail due to the finances. Loan officers are going to be very carefully reviewing your financial situation which includes your credit reports and other information and then s/he will suggest programs which meet all your requirements.
Resolution 4: Use a LystHouse Real Estate Agent
Purchasing and selling property is a highly complicated process. Even though at first it might seem that you can find the correct home by simply by searching for homes online ; houses differ, and so do the contract terms and conditions, finance options, inspection requirements and also the closing rates. This is where you would require the help of a LystHouse real estate agent. A LystHouse real estate agent has information about the in’s and out’s of the industry and knows how to effectively deal with the home seller to get you the perfect house in the price range you have. The best part is you’ll save money buying a home with a LystHouse real estate agent because LystHouse give .5% CASH BACK to first time home buyers. For those that are selling and buying, you sell for FREE when you buy your next home with LystHouse that saves you 3% on the sale side.
By choosing and opting for the above mentioned real estate resolutions, you might be able to purchase the dream house you have always wanted in 2018!