Hey Everybody! This is Christyna Butcher coming to you today with 6 Important Must Know Home Buyer Tips. Regardless of if you are a first time home buyer or have owned multiple properties.
I hope these tips are good things to know and good reminders. Sometimes when we get use to a process, reminders are a good thing.
So Let’s Get Started with these 6 Important Must Know Home Buyer Tips!
PICK A REALTOR
First, would be to contact a Realtor. We all know someone who is a Realtor. A family member, a friend or a family friend. Pick a Realtor that is easy to get along with and has a like personality to you. Also keep in mind to pick someone who is good at negotiating, knows contracts and the market.
PICK A LENDER
After you have picked a Realtor, ask them for a list of Lenders. The reason why, I suggest that you don’t use the first lender you meet, is because I like to shop and if you are like me, you want to know you got a good deal, especially with your mortgage loan program and payment.
After you decide what lender you are going with, it will be time to get pre-approved. Make sure that you are ready to provide them with the following paperwork; Most recent paystubs, most recent bank statements, 2 years of W2’s and 2 years of tax returns. Eventually during the process of the loan, the lender will need a copy of your Driver’s License and Social Security Card. So if you do not have a copy, find a Social Security Administration office and request a copy of it. It takes a few days to get it in the mail.
SET A BUDGET
After you are pre-approved, make sure that you find out from your lender what the mortgage is going to be and ask if it will include your property taxes and homeowner’s insurance. You may qualify for a $800,000 home but that may not necessarily be the mortgage payment you want to have to pay every month over the next 30 years.
SETTING THE SEARCH CRITERIA
When you are setting your search criteria it is important to let your Realtor know about your “wish list” but when they send you listings that are half of what you wanted, I suggest to go out and take a look. Seeing a property over the internet or driving by doesn’t give a feel for the floor plan. Sometimes, something that you didn’t even think about will be revealed while you are at these properties. And you may find that you modify your wish list just a tad.
READ THE CONTRACT
You should always read and know what you are signing. Don’t rely on someone to tell you what you are signing. This is especially true with contracts. So prior to submitting an offer ask your Realtor for a copy of a purchase contract. This way you have time to read, comprehend and ask questions. There is going to be a lot of paperwork and I want to make sure that my clients understand what is going on. I give a copy of contract to them in the beginning when we meet. So this way we are ready when they are ready to submit an offer and move forward to negotiating and opening an escrow!
Hope these 6 Important Must Know Home Buyer Tips are helpful! If you would like to know more about the Home Buying Process register for my free home buying seminar.
Talk to you soon!