Tips for a Smooth House Purchase🏠
Deciding to buy your own home can be one of the most stressful but rewarding choices of all. If you’re a first-time buyer🏠, the entire process can seem very intimidating.
After you searche. colsulted you freinds and used the mortgage calculator, a few common-sense tips can help.
- Make a sincere attempt at learning the jargon associated with the real estate process, so once you’re sitting in a meeting with a seller, an mls realtor and a bank officer, you’ll have a better idea of what everyone is talking about.
- Know what the difference is between “pre-qualified not pre-approved”, “pre-qualified” and “pre-approved”. Sound confusing? It can be. It all relates to how serious of a buyer you are. If you’re “pre-approved not pre-approved” it means that you've given a letter to a potential seller that you can afford their property. If you’re “pre-qualified” it means that you have a letter from a mortgage broker saying what he thinks you can afford. If you’re “pre-approved” it means that you not only have a letter from a broker, but everything in the letter was shown to be true by a lender and most of the work for a loan has already been done. You’ll have a MUCH better chance of getting the house if you’re “pre-approved” than if you are only on one of the other stages.
- Choose the right lender - “do the research!!” This can’t be emphasized enough since banks offer different rates across the board. The more banks you visit, the better the chances are of you getting a better deal.