Breezy Buying Tips

14 Jan

8-515_Ocean_Breeze_hd All buyers, whether first time or very seasoned, should keep a few tips in mind that will help guide you in choosing the right agent, the right property, and a great lender. By doing so, your purchase will be a total breeze so you can fill your time doing the things you would rather be doing!

  •  Speak with a mortgage lender: This should be your first step in your home search. (Savvy buyers may consider being pre-approved with more than one lender). Need some good recommendations? Ask me!
  • Pre-Approved vs. Pre-Qualified: Ask to be pre-approved, instead of just pre-qualified. The approval holds more weight, and a savvy seller’s agent may consider this item in a multiple offer situation.
  • Learn about your loan: Are there geographical restrictions? What are the down-payment requirements? Are gift funds allowed? Are there pre-payment penalties? Ask your lender about the fine points of your loan.
  • Get a Realtor: Would you go to court unrepresented by an attorney? Would you consider surgery from a paramedic? It is very important to choose a Realtor. Realtors are licensed by the state and are bound by a code of ethics. They have continuing education requirements and are true professionals. Sellers and builders are represented by their agents, wouldn’t you want someone looking out for your best interests? Make sure your Realtor explains your agency options to you. (***extra savvy tip: look for an ABR – Accredited Buyer Representative***)
  • Start Online: This is obvious. Most buyers start their search online, but you should make notes about the properties you like. Include MLS numbers, addresses, and any questions you have up front. Narrow your search to your top five choices and begin your viewing that way.
  • Ask Questions: Do you know the tax information in the house you like? What is homestead exemption? When will my first payment be due? If there is anything on your mind, ask it!
  • DONT: It is very, very important that you don’t make any big purchases that could throw your debt to income ratios off. Don’t pay any bills off without asking your lender, as this may affect the reserve funds that are part of your qualification. Don’t open any new lines of credit… no new credit cards, and no new cars! Keep in mind, most lenders will check your credit at your initial application, during under writing, and may even do it again just before closing. Don’t quit your job! These may all seem obvious, but lots of buyers disqualify themselves by doing some of these things.
  • Insurance: See if the property you are considering requires any additional insurance, for instance a flood policy. Ask your insurance agent what your policy does not cover. Consider bundling your auto and home policies by the same companies for savings. If you need recommendations, I can help!

 

If you or anyone you know is considering a move, please put them in touch with me– I am a Relocation Specialist. I am an Accredited Buyer Representative and a Seller Representative Specialist. Also worth noting here is that 1 out of 7 mortgages is not current. If you or anyone you know is struggling to make their payments, please put me in touch with them. I can help! I am a Certified Distressed Property Expert and Certified Loss Mitigator. 

 

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