Buying a home is a big adventure and while it's exciting, it also brings some stress into your life. If you are ready to start your home search, it is important that you do a little work before you even go out and start looking at homes. Here are few things that you should do before buying a home.
Do you need to be pre-qualified or pre-approved for a loan? This is question that people often want answered. In general, pre-qualifying is a simple process where a lender quickly gives you a very general idea of how much you might be able to get for your loan amount. It is no guarantee that you actually will be able to get that amount, but it provides you with a quick estimate of what your budget should be. It's usually free and often only takes minutes, so while it can be a great first step, pre-approval actually is more important.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
If possible, you actually need to get ready to buy months before you start searching for a home or even talk to a lender. Begin by saving up for the down payment and costs associated with closing escrow. Even if you are selling a house to make your down payment for the next house, you still should be saving for extra expenses such as repairs or updates to the new home. Do not make large purchases or open new credit card accounts in the months leading up to a home purchase. The less debt you have, the better you look to a lender.
In addition, you need to do some homework before you meet with a real estate agent. This includes providing your pre-approval information as well as the price range in which you are looking. You also need to come up with a list of must-have home features and a list of items you don't like. When it comes to must-have items, you can include many home features that you want and like, but be sure to be clear about the most important items such as size of the home and location. It's rare to find a home that is completely perfect and meets 100% of your needs, but there are probably two or three items upon which you are not willing to compromise. Just be realistic and understand that there is no such as thing as the perfect home, but there are lots of great homes to consider.
Of course, finding a terrific realtor definitely helps make the home buying process a lot easier. For buyers interesting in Kerrville real estate, Fredericksburg real estate, San Antonio real estate or any type of Texas Hill Country real estate begin your search with a call to Nixon Real Estate. This team of seasoned real estate veterans can help you find a great home in Texas Hill Country.
Do you need to be pre-qualified or pre-approved for a loan? This is question that people often want answered. In general, pre-qualifying is a simple process where a lender quickly gives you a very general idea of how much you might be able to get for your loan amount. It is no guarantee that you actually will be able to get that amount, but it provides you with a quick estimate of what your budget should be. It's usually free and often only takes minutes, so while it can be a great first step, pre-approval actually is more important.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
If possible, you actually need to get ready to buy months before you start searching for a home or even talk to a lender. Begin by saving up for the down payment and costs associated with closing escrow. Even if you are selling a house to make your down payment for the next house, you still should be saving for extra expenses such as repairs or updates to the new home. Do not make large purchases or open new credit card accounts in the months leading up to a home purchase. The less debt you have, the better you look to a lender.
In addition, you need to do some homework before you meet with a real estate agent. This includes providing your pre-approval information as well as the price range in which you are looking. You also need to come up with a list of must-have home features and a list of items you don't like. When it comes to must-have items, you can include many home features that you want and like, but be sure to be clear about the most important items such as size of the home and location. It's rare to find a home that is completely perfect and meets 100% of your needs, but there are probably two or three items upon which you are not willing to compromise. Just be realistic and understand that there is no such as thing as the perfect home, but there are lots of great homes to consider.
Of course, finding a terrific realtor definitely helps make the home buying process a lot easier. For buyers interesting in Kerrville real estate, Fredericksburg real estate, San Antonio real estate or any type of Texas Hill Country real estate begin your search with a call to Nixon Real Estate. This team of seasoned real estate veterans can help you find a great home in Texas Hill Country.
About the Author:
Pammy McGrath likes reading real estate blogs. If you are looking for licensed real estate Fredericksburg TX agents, or to discover a Fredericksburg homes for sale, please go to the NixonRealEstate site now.
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