Shopping for a new home can be quite exciting, but at the same time the process of buying a house also can be quite stressful. If a home purchase is in your near future, consider completing a little pre-home buying work to make the whole process a bit easier. Here are a few tips to consider.
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.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
The best thing you can do is start preparing for a home purchase months before you even get pre-approval or start shopping around. It all begins with saving money and curtailing your expenditures. This means don't run out and buy expensive items and don't get a new credit card or two or three. Pay all of your bills on time and get your credit score as healthy as possible. All of this makes it easier to pre-approval for a loan and approval for a higher loan amount. Also, saving up money is always a good idea before moving even if you plan on using the funds from the sale of your current home as a down payment for your new home. Moving is expensive and you have to pay for inspections and other fees, as well as possibly making updates to the new home.
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.
The pre-approval process is longer and includes actually sitting down with a lender and sharing your credit scores, your income, your expenses and other financial information. You will pay a fee for a pre-approval application, as well. However, being pre-approved for a loan makes the buying process easier because you don't waste time looking at homes that you cannot afford and once you find a home, a pre-qualified buyer looks much more attractive to a seller. So if a bidding war ensues and you are the only pre-qualified buyer, this gives you the advantage.
The best thing you can do is start preparing for a home purchase months before you even get pre-approval or start shopping around. It all begins with saving money and curtailing your expenditures. This means don't run out and buy expensive items and don't get a new credit card or two or three. Pay all of your bills on time and get your credit score as healthy as possible. All of this makes it easier to pre-approval for a loan and approval for a higher loan amount. Also, saving up money is always a good idea before moving even if you plan on using the funds from the sale of your current home as a down payment for your new home. Moving is expensive and you have to pay for inspections and other fees, as well as possibly making updates to the new home.
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 enjoys reading real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to discover a Fredericksburg homes for sale, please check out the NixonRealEstate website now.
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