What to Look for in a House

Keep in mind

that pre-approval doesn’t always mean approval. But it does give you a useful document about your financial standing that you can show a real estate agent. And it helps you focus your search!

Follow up with Approval

The next step is pursuing approval for a mortgage loan. It’s helpful to shop around since not every lender will give you the same offer. Each lender will have different fees and terms, too.

Once you’ve found the home you want, that’s when you submit a mortgage application. You’ll need to http://getbadcreditloan.com/payday-loans-id/nampa submit tax returns, bank statements, and investment return statements. Count on submitting pay stubs and other examples of employment history, as well.

The lender’s underwriting group will make the final call on whether you can get a loan. They may ask for more information from you to do this. If approved, they’ll tell you the loan total.

When you’re purchasing a house as a younger buyer, make a list of what you need. Know your short-term and long-range plans to help focus your options. And keep your price range manageable!

Consider Your Commute

Buying a house further from your workplace translates to extra miles on the road — and more time out of the house. It’s a better idea to limit your geographic radius to one that keeps your commute time short. You’ll save on gas expenses and wear and tear on your car. Again, this goes right back to the importance of location when buying a home.

Start Small

You don’t need to purchase yours forever home on the first go. The luxury home will come later. The better choice is to start with a small starter home.

Could you live in a home of 1,000 square feet? A home this size is similar to that of a two-bedroom apartment. But you won’t need to share walls with a neighbor!

Find a Neighborhood with Upside

Moving to an established neighborhood may sound fun, but you’ll get less for your money. What are the neighborhoods on the rise? Pinpoint the areas of town that are poised to become great.

Choose to invest in a neighborhood that’s under revitalization or development. Doing this could help your home’s value grow over the years. You may be able to find more affordable homes, too, if you don’t mind a little sweat equity.

Look for Red Flags

These are things your home inspector is going to look for. Are the shingles curling up on the roof? Is there evidence of water damage in the basement? These are warning signs that you may inherit some significant repairs if you buy the home. If you are wondering if a home inspection is worth the cost, the answer is. yes!

New septic tanks can cost you more than your downpayment! When you’ve invested in a new home, you don’t want to incur additional big expenses right away. Don’t let cute curb appeal distract you from significant structural issues.

Finding an Agent

You’ll want to enlist the help of a real estate agent during the home-buying process. They’ll have the experience and understanding of the neighborhood to land you the best home. Here’s how to choose the right Real Estate Agent.

Get Help with the Details

Buying a house involves a lot of paperwork and foreign terminology. Hiring a real estate agent gives you a knowledgeable professional who knows how to read contracts. They can gauge market conditions, too.

A real estate agent also will be well-versed in seller’s disclosures, titles, and mortgage statements. Best of all, your real estate agent can draft a contract that protects your interests.