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Buying Your First House: What You Need To Know Before You Go
Buying your first house is a wonderful, exciting experience. But as with most new experiences, it can bring a certain amount of anxiety with it. There’s an easy fix—just read the guide below, and the process of buying a home will flow so smoothly you’ll be in your new house before you know it! Get your preapproval letter. Pre-approved buyers are often preferred by sellers because there is proof that the buyers are financially qualified to gain the financing they need to close the sale. A pre-approval letter can be the deciding factor in a close multiple offer situations. In addition, you’ll likely feel more confident about making an offer with your pre-approval letter in hand and the knowledge that you'll be able to obtain a mortgage. Make a Shopping list. You can save yourself a lot of trouble (and potential arguing, if you’re married) if you make a shopping list ahead of time with the features you must have, would like having, and ones you don’t want to have. Not sure where to begin? Start by writing down what you do and don’t like about your current home. Do your homework. In today’s world, information about recent home sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process is all at your fingertips. Hop on the internet—it’s one of the most powerful house hunting tools there is. The more you know about buying your first house, the more empowered you become. Understand what comes next. Sure, you don't apply for a thirty year mortgage once a week, but that doesn't mean you have to take the first one that comes along. To get the best experience possible, you’ll need to apply some new concepts, learn some new terms, and take the time to understand completely what you're getting. If anything happens at any point in the negotiation process that doesn't make sense to you, request a full and complete explanation. Afterwards, if it still doesn't make sense, seek help from someone you trust like your attorney, your CPA, or your banker. Put yourself first. Especially when buying a home for the first time, it can be easy to get caught up in the opinions of others. The lender may decline your loan application. The agent talks quicker than the speed of light and has an answer for everything. But you should always remember that you are the one person in this transaction that everything truly centers around. If you decide not to buy, the entire process screeches to a halt. So go ahead, take command. Get a team of professionals that you have confidence in and make them work for you. With these tips, you're sure to approach buying your first house with cool, collected confidence. And when it comes time to do your homework, Lender 411's multitude of tips and tools can help get you straight into the home of your dreams. |
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