It can seem overwhelming the amount of things there are to think about before buying a home. You will find below some pieces of advice that can help you attack the housing market. People who are planning to move in the next couple of years are not ideal buyers. Buying and selling real estate is not cheap, so the shorter of time that you will live in your home, the less chance you have of making money on the investment. The first step in the home buying process is not actually looking at homes. I know it seems like it would be, but you need to get your finances in order first. Since it is likely that you will need a mortgage, you will want to get that squared away first. This will also save you time by making sure you're actually looking in the right price range when you actually do go out shopping. Ask your lender for a pre-approval based on your income, debt and credit. You will want to make sure you have a look at your credit report months before you are ready to shop. If you take our advice and get your pre-approval ahead of time, you can do this when you sit down with your lender, who can pull your credit for you. Then, if there are any corrections that need to be made, you have time to do so before you're ready to actually buy. Make sure you are looking at homes that you can actually afford. When the lender discusses your pre-approval, she will give you a maximum spending price. But you need to know that the price for which you qualify if not the most important aspect. A fantastic lender, who really has your best interest at heart, will talk to you about how much money you're comfortable paying each month. This amount may not equal the amount you would have to pay for the price at which you are actually qualified, so you need to know both. You probably have heard that a 20% down payment is standard. Well, it's not always necessary anymore. There are different loan programs that could get you into your first home for much less down. You'll want to ask your lender about FHA loans, and other loans that may work for your situation. Be sure to work with professionals. You will have a mortgage broker or banker handle your loan, and be sure to get a great real estate agent to handle the rest. Although it is easy to search for homes online, remember that the entire process encompasses many steps. If most people purchase two or three homes in their entire life, a great real estate agent probably handles the sale of two or three per month. Before you write any offers, talk to your agent about a strategy. She will want to contact the listing agent to get as much detail as possible about the home's condition and competing offers. Armed with this information, you will be best poised to make an intelligent offer. Inspect the home! Although you will receive a pile of paperwork full of seller disclosures, it is imperative that you hire your own inspector to give you an unbiased opinion as to the condition of the home. If the inspector uncovers any big-ticket repair items, it may be appropriate to ask the seller to make repairs or reduce the price. Your agent will help you with this.
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