Buying a Home
Why do you Need a Professional REALTOR when Buying a Home
Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should just do it on their own. In today’s market: you need an experienced professional!
Buying a home is loaded with land mines. You need a true expert, like one of the REALTORS on the Ash & Rose Team to guide you through the pitfalls that currently exist.
You Need a Skilled Negotiator
In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.
Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good REALTOR will save you money…not cost you money.
Serious About Buying? GET PRE-APPROVED
In many markets across the country, the amount of buyers searching for their dream home greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
But even if you are in a market that is not as competitive, knowing your budget will give you the confidence to know if your dream home is within your reach. Your search can then be focused on the correct price range. Getting pre-approved is one of the many steps that will show Sellers that you are serious about buying and it often helps speed up the process once your offer has been accepted.
What You Need to Know About the MORTGAGE PROCESS
What you’ll need to qualify in today’s market:
1. Down Payment: Generally between 5-20% of the purchase price (40% of Buyers are putting down less than 10% – with many putting down as little as 3%). Florida has some down payment assistance programs for First Time Home Buyers, talk to your Loan Officer to see what may be available for you.
2. Income Verification, Credit History & Asset Documentation:
When you speak to your Loan Officer, they will discuss the required documentation. If you are self-employed, there may be additional information needed.
3. Impartial 3rd-Party Appraisal: Your lender will order an appraisal to verify the value of the home you want to purchase.
Steps to take:
- Find out your credit score and ask the loan officer if it is acceptable. Different lenders have different minimum credit scores – check several out if you don’t qualify with one lender.
- Start gathering all of your documentation: Income verification (W-2 forms, tax returns, employment), credit history & Assets, such as bank statements.
- Consult with your lender to review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.
- Talk to your lender about applying for a mortgage and getting a pre-approval letter. This letter provides an estimate of what you might be able to borrow (provided your financial status does not change) and demonstrates to Sellers that you are serious.
- Once you have begun the process and have made an offer on a home. DO NOT any major purchases without clearing it through your loan officer.
Bottom Line: Do your research, reach out to a reputable lender, stick to your budget and be sure you are ready to take on the financial responsibilities of being a homeowner. Now you are ready to call an agent on the Ash & Rose Team to help you find and purchase your dream home!!!