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Home Purchase Tips
Buying a home is one of the most exciting and one of the most stressful events in a person’s life. There are many things that you can do to make the purchase process a lot less stressful.
Determine how much home you need, and what features you are looking for. The first step is to determine what you need in a home, and what you want in a home. Differentiating between needs and wants before you set out on the home purchase journey is very important. For example, young couples who do not plan to have children for 2 or more years have different home needs than a couple who already has two or more children. Homeowners who do a lot of entertaining or who have large extended families may need room for and dining space for guests. A home owner may want a garden or a marble bathroom, but these are things that a person can probably live with out, or possibly add on later.
Determine your price range. Doing an honest assessment of your financial situation is very important before searching for a home. You need to know how much home you actually can afford and qualify for. Knowing this information will also help you to narrow your search of available homes. This also helps if you are working with a Real Estate Agent. Telling them in advance what you are looking for and what price range you are seeking will help them focus their time on finding you the right home, not just a home that they are hoping you will like and can afford. This helps you to spend your time more effectively during your home search.
Get Pre-Approved. Getting pre approved differs from being pre-qualified. A pre approval letter will give you stronger consideration from a seller when they know that you are pre approved and able to afford the home. In order to obtain this pre approval you will have to furnish documentation such as your credit report, bank statements, W-2s, and paycheck stubs. Gathering all of the necessary documentation may be a pain but having the pre approval letter in hand when you are looking to purchase a home makes the situation quite a bit easier.
Shop for a home. Once you have a pre-approval letter and, know your price range and have prioritized your wants versus your needs in a new home, finding the right home will be that much easier.
Make an offer. The next step is to make an offer (or have your Real Estate Agent extend an offer). To the seller. Waiting to find out if your offer is accepted can be nerve wracking but this is part of the process. Once you have made an offer and it has been accepted, you are almost there
Shop for and lock in the best rate. After you sign the home purchase agreement you will want to lock in the best interest rate available for your home loan. Do plenty of research for this step.
Closing. Mortgage, title, and escrow professionals will all be working on your loan to get it closed. Make sure to provide any necessary paperwork or documentation needed for the loan closing. This is the last step before the home is finally yours. This process can be fairly complex, so stay patient and you will soon be in your new home. | 
