Making the decision 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. A few common sense tips can help you ease your way through it much easier.
First off, you may want to look up some basic real estate principals. Make a sincere attempt at learning the jargon associated with the real estate process, so once you are meeting a real estate agent and a bank officer, you’ll have a better idea of what everyone is talking about.
Second, know what the difference is between “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-qualified” it means that you have a letter from a mortgage broker saying what he thinks you can afford. This is better than not having a letter, but you can still do better. 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 you want if you’re “pre-approved” than if you are only pre-qualified.
Another important key to a smooth transaction is choosing the right Mortgage Lender for your loan. You want a lender who is going to be on top of everything and giving you updates on the process. There is a lot of steps in the transaction and having someone who can keep you up to date on the loan is very important.
Even when you are working with a great agent, there may still be delays that are unforeseen. Any business that deals in red tape may have challenges that come up that no one knew about. Real estate purchases are no different, so make sure you understand and don't freak out if this does happen.
While none of these tips are fool proof, they can still help you. It is important that you team up with a great Real Estate team, so that they can walk you through the entire process.
Here at The Gayden Team, we strive to make every transaction a smooth one. We want our clients to have the best experience with the least amount of worry or stress. Give us a call today is you are thinking about buying or selling a home.