Get Pre-Approved By A Lender
Getting pre-approved is one of the most important parts of the home buying process! Pre-approval means you should be able to get the loan as long as nothing changes about your financial situation or your credit score.
A pre-approval letter also helps when you want to compete with another buyer for a home you love. One of the first things most sellers are going to ask their agent when receiving an offer is how qualified the buyer is to purchase. Sellers want to feel comfortable knowing the buyer is not going to get turned down for the loan. A home buyer should understand there is a difference between a mortgage pre-approval and a pre-qualification. To get pre-approved lenders will verify employment, income and credit. Often this is not the case with a pre-qualification.
As experienced real estate agents, Neil & Carol Veneroso can help you find a qualified, knowledgeable lender who is familiar with the local area.
Know What Your Expense Will Be
There are a lot of fees that come with a home purchase above and beyond the mortgage. Property taxes, closing costs, mortgage insurance, home insurance & association fees are just a few. Your lender will be able to estimate and detail all of the costs you can expect to incur when purchasing a home. You should have the income and the budget to handle all of the expenses that are relevant to your purchase. It is also a good idea to have some extra savings to cover any unforeseen emergencies when buying a new home.
Work With A Skilled Realtor Who Knows Your Area
Every neighborhood has unique qualities that you want to be aware of before you start buying your home. Knowledge of local communities, schools, houses of worship, parks & recreation centers, shopping, dining, emergency services, etc, are factors that can help you decide where you would like to live. That’s why you need a real estate agent who knows their stuff locally! Neil and Carol Veneroso are full time Realtors working in the business every day and have a strong history of successful sales in the area. We have over 20 years combined real estate experience and have earned the Accredited Buyers representative designation from the National Association of Realtors. The better the real estate agent knows the area, the better equipped they will be in understanding the differences in market value from one property to the next.
Understand The Actual Value Of Any Property You Are Buying
An agent that is well-informed about the area will also know what homes are worth. This is critical when buying, if you want to avoid overpaying for your house. Neil & Carol Veneroso understand market values in your area and will provide you with a comparative market analysis so you can make an educated decision on what to offer. In addition, we will help guide you through every step of the home buying process. Let us put our strong negotiation skills to work for you and get you a successful contract for the purchase of your new home.
Don’t Make Yourself House Poor!
You may be cleared for a loan that is far above what you are comfortable paying for. Lean on the side of caution and mortgage only as much money as you are comfortable with. There are a lot of home buyers who will mortgage themselves to the hilt only to find out later they are a slave to their home. Unless you want to be eating spaghetti dinners at home every day, don’t stretch beyond your means.
Use A Reputable Home Inspector
After we have successfully negotiated your purchase contract, your home inspection period will begin. Home inspectors generally will inspect all aspects of the home including roof, plumbing, electrical, HVAC system, pools, etc. You can also inspect for termites or other wood destroying insects. You should use inspectors that are licensed and insured. As experienced real estate agents, the Veneroso’s can help you find a qualified, skilled inspector who will work within your budget and address your concerns when buying a home.
Understand The HOA
Some homes are part of a homeowner association. All condominiums also have HOAs. These organizations are mandatory if you live in the area, so you will have to pay dues and rely on the association to take care of certain things, like maintenance of common areas. Some homeowners associations are great, some are not. Know what you are getting yourself into before purchasing in a neighborhood with an HOA. One of the best ways to find out is by asking a few of the people who already live there.
Know Your Plan For Furniture
If you have furniture you like, you will want to bring it with you. Make sure your new home can accommodate it. Or, if you plan on buying new furniture, you want to purchase a home at a price that leaves you with enough left over to furnish it. Make sure you measure before you buy!
Don’t Stress The Wall Colors And Carpet Condition
Many buyers don’t have a vision when looking at homes. As crazy as it sounds there are customers who will turn down a home that meets all the criteria they are looking for because they can’t see past the ugly mauve carpeting and the purple and green wall colors.
This is a mistake we see quite a bit. One of the easiest things to change about a home is the color of the walls. Paint is inexpensive and can be applied by you after you buy. The same holds true for flooring. If the location and layout work for you, but the décor doesn’t, you might want to think twice before passing on it!
Don’t Do Anything To Affect Your Financial Situation
This may be last on our list, but it is certainly not least! Your pre-approval is based on the information given at the time of your application. Any changes, like getting a different job or taking out a car loan, can result in denial of the loan request when you go to purchase a house. Making a large purchase is not a prudent thing to do when buying a home. This is one of the primary reasons buyers can be denied a mortgage after being pre-approved. This is not a pleasant experience! You should always consult with your lender BEFORE making any large purchases that may affect your credit.