Red Deer Real Estate Valley Crossing shares a number of helpful tips for going through the home buying process.
Red Deer, AB -- (SBWIRE) -- 10/13/2014 -- Red Deer, AB Real Estate Valley Crossing knows buying a home can be perceived as an overwhelming experience. However, the process is actually quite simple.
The following are a number of helpful tips on how to go about a property purchase. Tips are both useful for those buying a home for the first-time or the fourth time.
Personally Validate The Ability to Afford A Mortgage
If one is worried that they may not be able to afford a home loan, Peoples Home Equity has a very helpful “Loan Calculators” page. The page offers tools to answer prospective applicant questions such as: “Monthly Payment Calculator,” “Should I Pay Points?”, and “How Much Do I Have To Earn?”
Get Pre-Approved For A Home Loan
A pre-approved home loan is essential before shopping for a home. Prospective home buyers will never know how they may spend on a home until they receive a pre-approved mortgage. Once approved, he or she may filter their property search based on the amount they may borrow.
The pre-approval process involves submitting paperwork such as proof of income, savings, and properties/vehicles owned so that the lender can verify the applicant's credit history. One may get started today at Peoples Home Equity “Home Loan Application” page. The page asks simply questions such as: gross income, credit score, legal status, military status, and the desired loan amount.
Readers should know that mortgage rates remain historically below average and the Federal Reserve has reassured Americans that they do not intend to rates interest rates anytime soon.
Find The Correct Agent
The best real estate agents work in their client’s interest entirely. Having an agent bother both the seller and the buyer is usually a bad idea. Law dictates that agents have a fiduciary duty to act in their client’s interest. For the most part, agents understand that clients come from all financial backgrounds, and status. Usually agents set up their Multiple Listing Service (MLS) to prospective home-buyers to search for properties. Again, to filter realistically requires a pre-approved home loan.
Write Down Like And Dislikes Of Differing Homes
Chances are buyers will find multiple properties that they like. To avoid buyer’s remorse, one should jot down their preferences and dislikes of the various home they visit. This may include: price, size, layout, property upgrades, taxes, HOA fees, distance to work, and more. When shopping as a family, record what is important for the greater good such as: local schools, garden, or terrace size. Buyers should even visit the local schools and commute from the prospective home to verify if the location is right for them.
Be A Mindful Negotiator
When it comes to end process of a home sale both buyers and sellers have a limit price in mind at which they are happy to close the deal. Thus, a good negotiator knows the maximum price they are willing to offer for a desired property. The offer should be mindful of the mortgage payment required at differing price levels. In addition, the buyer should note the added costs of any defect or damages in the home.
Have A Good Time
In the end buying a home should not be a stressful process but one in which an individual is eager to experience. Both lenders and agents alike have seen both situations play out. Individuals that are financially organized and know what they want have an easy and great time going through the home buying process as it’s a step by step process that they already thought through before applying for a home loan.
Contact a Red Deer, AB Real Estate Valley Crossing loan officer today at: Call: 403 782 7985