Buying a home is a big adventure and while it's exciting, it also brings some stress into your life. If you are ready to start your home search, it is important that you do a little work before you even go out and start looking at homes. Here are few things that you should do before buying a home.
You hear a lot about pre-qualifying for a home and pre-approval for a home. These are two different kettles of fish. Pre-qualifying is a simple process where you contact a lender and they give a quick indication of how much of a loan amount you can handle. While it gives you a good idea of what you can afford, it isn't set in stone. It is much better to think about getting pre-approved prior to searching for a home.
Pre-approval takes time and usually you incur a small fee for the process. You must meet with a lender and this person takes into account all of your income, all of your monthly expenses and your credit history. From there, the lender determines how much the bank or lending company will lend you for a home. When you start shopping for homes, not only will you know how much you really can spend, sellers typically are more willing to sell to pre-approved buyers because these buyers are less likely to have problems during escrow.
If possible, you actually need to get ready to buy months before you start searching for a home or even talk to a lender. Begin by saving up for the down payment and costs associated with closing escrow. Even if you are selling a house to make your down payment for the next house, you still should be saving for extra expenses such as repairs or updates to the new home. Do not make large purchases or open new credit card accounts in the months leading up to a home purchase. The less debt you have, the better you look to a lender.
In addition, you need to do some homework before you meet with a real estate agent. This includes providing your pre-approval information as well as the price range in which you are looking. You also need to come up with a list of must-have home features and a list of items you don't like. When it comes to must-have items, you can include many home features that you want and like, but be sure to be clear about the most important items such as size of the home and location. It's rare to find a home that is completely perfect and meets 100% of your needs, but there are probably two or three items upon which you are not willing to compromise. Just be realistic and understand that there is no such as thing as the perfect home, but there are lots of great homes to consider.
Choosing a great realtor is always the best way to ensure that you find the best home and that the buying process runs smoothly. If you are searching for Texas Hill Country real estate, consider calling the team at Nixon Real Estate. They can find Fredericksburg real estate, Kerrville real estate, San Antonio real estate and homes for sale throughout Gillespie County and the surrounding area.
You hear a lot about pre-qualifying for a home and pre-approval for a home. These are two different kettles of fish. Pre-qualifying is a simple process where you contact a lender and they give a quick indication of how much of a loan amount you can handle. While it gives you a good idea of what you can afford, it isn't set in stone. It is much better to think about getting pre-approved prior to searching for a home.
Pre-approval takes time and usually you incur a small fee for the process. You must meet with a lender and this person takes into account all of your income, all of your monthly expenses and your credit history. From there, the lender determines how much the bank or lending company will lend you for a home. When you start shopping for homes, not only will you know how much you really can spend, sellers typically are more willing to sell to pre-approved buyers because these buyers are less likely to have problems during escrow.
If possible, you actually need to get ready to buy months before you start searching for a home or even talk to a lender. Begin by saving up for the down payment and costs associated with closing escrow. Even if you are selling a house to make your down payment for the next house, you still should be saving for extra expenses such as repairs or updates to the new home. Do not make large purchases or open new credit card accounts in the months leading up to a home purchase. The less debt you have, the better you look to a lender.
In addition, you need to do some homework before you meet with a real estate agent. This includes providing your pre-approval information as well as the price range in which you are looking. You also need to come up with a list of must-have home features and a list of items you don't like. When it comes to must-have items, you can include many home features that you want and like, but be sure to be clear about the most important items such as size of the home and location. It's rare to find a home that is completely perfect and meets 100% of your needs, but there are probably two or three items upon which you are not willing to compromise. Just be realistic and understand that there is no such as thing as the perfect home, but there are lots of great homes to consider.
Choosing a great realtor is always the best way to ensure that you find the best home and that the buying process runs smoothly. If you are searching for Texas Hill Country real estate, consider calling the team at Nixon Real Estate. They can find Fredericksburg real estate, Kerrville real estate, San Antonio real estate and homes for sale throughout Gillespie County and the surrounding area.
About the Author:
Pammy McGrath likes reading real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to discover a Fredericksburg homes for sale, please go to the NixonRealEstate site today.