When spring approaches, many people start focusing on multiple activities; basketball season, spring break, holidays, moving house, buying /selling houses etc. Spring is most definitely the best season for buying and selling home and if you are looking to buy a home this spring, the following tips will provide some useful insights for regular and first time home buyers.
Talking to a mortgage lender
When it comes to buying a home, many experts would suggest talking to a Real Estate agent first. A Real Estate agent would be happy to help you find the right home as soon as you secure your mortgage pre-approval. Many sellers will ask what type of funding you have to make the purchase and with a pre-approved mortgage, you will be able to make instant offers. You get a pre-approved mortgage from a mortgage lender. It is best to describe and disclose all your financial goals about new purchase and your future plans. You might be just looking for a small house right now and will be willing to move to a bigger house in future. These sort of disclosure will help the lender to determine the right mortgage option that would best suite you.
Choosing a Real Estate Agent
Talking to multiple sources and selecting a referred Real Estate agent is wise. You can ask family, friends or co-workers to get suggestions. As you are likely to work with your agent for a significant amount of time, it is important to pick someone who is not only good at their job but also someone that you like. It is imperative to pick someone who has local knowledge and expertise and can work on the area where you want to live.
Analysing and researching
Before moving to a new home, you should analyse the neighbourhood that you are moving in. There are a lot that depends on a neighbourhood; you can read our full article on how neighbourhood plays an important role in a successful move here.
The lending rules might have eased up over the years but lenders still have the recent recession in mind. Mortgage loan officer might ask for different documentation from time to time and explanation of any big bank transactions if you have any. If you recently have changed jobs be prepared to explain why this was a better option for you. They might even be asked about benefits and commission packages.
Buying a home
Once you are pre-approved for a mortgage and your real estate agent have the knowledge of what you are looking for, you are ready to make an offer. It is important to work closely with your Real Estate agents and be on top of appointments. You should make sure that you really like the house before making any offers. If you are buying a house for the first time, it would be a good idea to take a friend or relative with you who have previously owned a house. They can point out valuable areas relying on their experience to help you make a better choice. Read more on the things/areas you should keep in mind while buying a house here.
If you are buying or selling home this spring, need a reliable and efficient Real Estate agent or have any Real Estate needs, Contact us today!