If you are someone who is interested in buying your very first home, you are likely to be very excited at the prospect of owning your own place. However, you cannot let the excitement get to be so much that you lose sight of what you need to do in order to make a wise decision on your home purchase. Often, first-time home buyers let the thrill of looking at houses overshadow the research and preparation that needs to be done before you sign on the dotted line.
The very first thing you need to do as a home buyer is be pre-qualified by mortgage lender. Especially in these changing economic times, there is a lot that goes into applying for a mortgage loan. Therefore, it is best to get pre-qualified long before you start looking at homes.
Just because someone says they want to buy a house it doesn't mean that they actually can buy it. Having a letter of pre-approval will show the home owner, and their agent, that you are serious. There is nothing worse than spending time with the real estate equivalent of a tire kicker, being able to show that you have been in touch with your bank will be a huge point in your favor.
Before you go and talk to your mortage provider there are a number of things you can do to improve your chances of getting your loan quickly and easily. Know your debt, if you have a few small outstanding bills think about doing without a meal out or some other treat for a month and pay them off. Get your income records all into one envelope or folder so they are easily accessible. If you have had credit problems in the past get as much information on it as you can and share the information with your lender, they will find out anyway so being upfront will allow them to work with you.
You should also look into the services of a real estate agent. Representation is very important in a real estate contract process. You want someone on your side will do a lot of legwork for you and explain the process as you go along. Remember real estate guidelines and regulations are different from area to area. Laws change from year to year so it is important to have an experienced real estate agent on your side who will be able to explain the ins and outs of the contract. Ask friends and family for recommendations if they have worked with a real estate agent in the past. - 30214
The very first thing you need to do as a home buyer is be pre-qualified by mortgage lender. Especially in these changing economic times, there is a lot that goes into applying for a mortgage loan. Therefore, it is best to get pre-qualified long before you start looking at homes.
Just because someone says they want to buy a house it doesn't mean that they actually can buy it. Having a letter of pre-approval will show the home owner, and their agent, that you are serious. There is nothing worse than spending time with the real estate equivalent of a tire kicker, being able to show that you have been in touch with your bank will be a huge point in your favor.
Before you go and talk to your mortage provider there are a number of things you can do to improve your chances of getting your loan quickly and easily. Know your debt, if you have a few small outstanding bills think about doing without a meal out or some other treat for a month and pay them off. Get your income records all into one envelope or folder so they are easily accessible. If you have had credit problems in the past get as much information on it as you can and share the information with your lender, they will find out anyway so being upfront will allow them to work with you.
You should also look into the services of a real estate agent. Representation is very important in a real estate contract process. You want someone on your side will do a lot of legwork for you and explain the process as you go along. Remember real estate guidelines and regulations are different from area to area. Laws change from year to year so it is important to have an experienced real estate agent on your side who will be able to explain the ins and outs of the contract. Ask friends and family for recommendations if they have worked with a real estate agent in the past. - 30214
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