If you are thinking of buying your first home there are many things you need to know during the whole process, we will discuss some of the more important things that many buyers may not think about. You need to be sure you qualify for a home so getting pre-qualified by a good lender is the first place to start. If you have a good real estate agent and want a good lender they can likely refer you to one they have worked with many times in the past.
Do not change jobs, during the loan process it will create a very real problem and may keep you from qualifying for a home. Keep your money where you currently have it, do not change banks or move your money around. It is important for your lender to be able to verify funds and moving it makes it more difficult. Even after you have a home in contract it is vital that you do not make any large purchases that may have an impact on your qualification for a loan.
Have a good real estate agent, one that has experience in the entire process. Using a friend or family member or an agent that dabbles in the business is not a good idea if they are not very experienced in the buying and selling process, it can end up costing you money or the home you really want. Your agent should help you with advise but not push you into a purchase that does not suit you or is more than you are comfortable paying.
Your real estate agent should be one that you are comfortable with, one that will listen to your needs and be able to answer questions of concerns or any advice you may need. Your real estate agent should know the area and how to negotiate and prepare all the paperwork. An agent that does not work the business full-time can probably not keep up with all the changes our real estate market has seen in the past several years.
Your real estate agent will customarily be paid by the seller of the property you are buying, this should give you a sigh of relief that you will not have additional costs. Respect the fact that your real estate agent works for you without getting paid until a close of a property so use only one agent, do not use multiple agents – you could find yourself owing a commission in certain situations to one of the other agents that showed you homes.
Learning about the different types of loans and different types of ways to take title comes from your lender and from the title company. These are subjects to be discussed in future articles.
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