Know Your credit score: Your credit score will play a major role in the home buying process. Do not apply for any loans prior to purchasing a home or your credit score will lower for each inquiry. Credit reports often contain errors or misinformation, if you find any, have those removed or dispute them with the credit reporting agency. Looking at your credit reports once a year may also give you a better idea of hoe your appear to lenders. Generally, the lower the credit score the higher the interest rate you will be chanrged. The credit report will show you if there are any errors that need to be cleared up prior to getting pre-approved for a mortgage. Once you have been approved do not make major purchases or loans and keep all your payments on time it may also help your credit as you continue to pay down your debt.
Pre-approval for mortgage: Many say that it is just a piece of paper that it does not mean anything, which is incorrect. When a person sits down with a lender it means that they are serious about purchasing a home. They are not just lookers. They generally, are ready to make the next step. You don't shop for groceries, furniture or clothing, without cash or credit card. A pre-approval gives you the privilege to rightly sign an offer and leave an ernest money depost, proving that you have been interviewd by a lender to purchase a home. The only other way to do it would be to have all cash to purchase the property.
Budgeting: Purchasing a home can be daunting and yes, this sounds obvious, but many people forget about some of the costs of buying a home along with some of the current bills that still must be paid . There are added costs such as furniture and appliances, decoring, moving fees, or your first mortgage payment, paying the taxes, attorney fee. So you must set a budget prior to searching to determine what is important to closing the deal and what can wait till after you close and move in.
Location, Location, Location is priority in your home search.Is this where you want to raise your children? Is it in on a main street? Are you close enough to parks and other amenities in the community that your family have a need for? Is it close to airports, to far from highways? All of this should be considered prior to signing on the dotted line.
Agree or Disagree: Never accept that a yes is yes and a no is no. Always have something in writing and have an attorney read between the lines prior to signing contracts. Make sure you are getting some of the things that you like to be included, in this to say, don't be afraid to ask questions.Sir, is this included with the sale of the property? Do not always believe that items come with a home unless you have it writing.
Real Estate Attorney: Make sure that the attorney that you will retain is in the real estate industry. You don't want a family or criminal law attorney to handle your home purchase. Make sure they have been active and that they can be contacted during business hours. Some attorneys are in the courts during the day and are not accessible to their clients. You need one that will work for you and provided all of the searches and can pull everthing together in a timely manner. Check their schedules as well to make sure that they don't plan to go on vaction for to long time while your file is open that can delay closing on your home.
Home inspection: There are some issues that comes with homes that are hidden, whereas the seller may not be aware of them. Therefore to hire an inspector to take a look through the house is imperative. An inspector will examine the overall foundation and structural features of a house. It’s their job to find these areas of concern so that you don’t have to worry about them later on! Banks will send out their own appraiser which is licensed by the Department of State and gives the value of the property for the mortgage you are willing to pay.
Relocation Services: Find at least three moving companies and get estimates, including their insurance coverage for breakage and estimated time for delivery. Make sure everthing is inclued in cost from, boxes, tape, delivery, milage, labor, etc. If you need a vehicle shipped make sure of the cost of damages, scratches, dents, etc.Is it cheaper to drive the vehicle if not overseas or to have it delivered? Timing is everthing!
Any questions, please do not hesitate to call us at 516-385-1880