Buying Your First House
Crucial Tips to Make Things Easier
Posted On: Friday, June 10, 2016
When it comes to purchasing your first home, you’ll no doubt be excited about the prospect. Looking through the listings in Philadelphia, for example, you’re going to see opportunity come through every corner. Every listing you investigate online may be another step closer to what very well may be your dream home. However, before you start getting too serious, it’s imperative that you look into a few tips that will help make the transaction of purchasing your first home a bit easier. It’s easy to get caught up in the whole event, and end up with the wrong impression or perhaps even get bounced right out of the market. The following will help give you a quick rundown of things you should consider before spending a dime.
Look At Your Financial Picture With A Fine Toothed Comb First and foremost, make sure that you know your financial picture inside and out. Look at every detail, pull out some spread sheets and do not leave anything to chance. Absolutely make sure that you know everything about how you’re getting paid, what your bills are, loans that are outstanding, your credit score and everything that you can try to configure as it comes to your finances. This includes anything that you can think of, savings, IRA, investments, car loans, everything you have needs to be accounted for. Furthermore, you should have several years of tax filings and returns in place as well. Before you can go into a mortgage lender’s office, you’re going to need to have this all organized and accounted for. If you do not, you’ll be sent back home to collect it. The more you know about your financial picture, the easier it will be to get a loan, and establish the pre-qualification elements sometimes rendered by lenders.
Consider Mortgage Companies Before you go to any mortgage lender, make sure that you look around to find the best one for your needs. If you’re a first time buyer, then look for companies that help with that, so that you can get the right government breaks, grants, or loans that are specifically made for you. Furthermore, make sure that you focus on due diligence, because once you sign with a company, you’re locked into a relationship that can take upwards of 30 years. Look for the best rates, best reviews in terms of communication and much more. If you expedite the process or lapse in your investigative duties, you could end up with a mortgage that will bury your finances fast.
Investigate Real Estate Agents For those that are serious about purchasing a home, a good real estate agent needs to be your new best friend. Take time to look at this carefully, because you will have a lot of options to consider overall. Look at finding a qualified agent that is not just going to push you into any old home they have listed. Take time to interview several candidates, look at their listings, websites, and find references, reviews and more. This is an important decision that you need to take on with more than just a few internet searches. The relationship you have with the real estate agent you choose will make or break your next move in finding your dream home.
Do Not Settle Here’s one of the most important tips that you are going to want to take with you, settling. There are a lot of homes in Philadelphia, including condos, commercial real estate and beyond. If you do not see what you want don’t just buy any house. Your real estate agent will work hard to find that perfect fit, but if you spend a good deal of Tim and you do not find exactly what you are looking for, then step back and wait. If you get frustrated, and you end up in a house that you “kind of” like, but not love, you will be in there far too long with that disdain. Don’t settle, and don’t let an agent force you into settling. A good agent will not cajole you into a house you don’t want, they’ll fight to get something you love, and that’s the big difference.