Buying a new home is always exciting, but it can also be intimidating. Navigating the paperwork, trying to decide whether or not to use an agent, finding the perfect house, and even applying for a loan can all be a long, somewhat scary experience. However, when all is said and done and you walk through the door into your brand new home, everything is suddenly worth it. The intimidating problems are gone and you are a homeowner.
To make the process of buying your home easier you will want to consider getting pre-qualified for a loan. Go to a lending institution and get it done before you find the house you want. That way you will have an idea of what you can afford, and when you finally find the house you will be able to show the buyer that you have a lender willing to work with you. This one step can save you lots of time.
As you know, the real estate business can be quiet lucrative, especially for agents. However, an agent isn’t a necessary tool when buying your home. Weigh the pros and cons before deciding whether or not you need an agent. They may be different for each area, but here are a few to remember.
The agent has access to MLS listings, is usually current on market trends, and perhaps most important he probably knows the neighborhood better than you. This can truly be a help, especially if you’re looking for a good family-oriented neighborhood. On the other hand, however, some agents are pushy (if yours is pushy, find another.
You don’t want to be pressured into buying that house), and they do have agent fees, which are usually in the thousands. They are a percentage of the sale price of the home. Keep that in mind if you use an agent. It is information you’re going to want to have.
After finding the house you want, the next step is to get it under contract. This takes it off the market for a set period of time. During this time it is up to you to get the loan. Before you sign the contract make sure you read everything, including any out clauses that may be listed.
You want to know what you can and can’t do before signing on the house. You want to know what the buyer’s obligations are. You also want to make sure you have an escape clause in case you find something that doesn’t meet your standards, such as a damaged roof that will cost thousands to repair. These are the types of things that are covered in the contract.
When getting the loan people usually go through a loan officer. Find one that you feel you can trust. If you can get recommendations from people that have used him, that would be great. If not, you might want to ask others in the field for a review of him. He’ll be handling your loan. You want to be able to trust him. The loan officer will figure out the loan, the percentage rate, the terms, and run it through the lending institution. You should be updated on everything as it is progressing.
Finally, after all that you are walking into your new home. Congratulations! Now you will want to make sure you have the proper home insurance and possibly a good home warranty. You’ve just made a major investment. You will want to take care of it so you can reap the rewards in the future.
Global Home Protection (http://globalhomeusawarrantyservices.com/) offers information on a home warranty. Art Gib is a freelance writer.
[tags]home warranty[/tags]
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