|
FIND OUT YOUR BUYING POWER. The first step is to contact a lender and get
pre-approved. This is important information for the buyer to have so they have a
good financial fit for the market. When you have decided on a lender, you begin
the loan process by filling out an application. You should be prepared to go over
your current financial situation and credit history. A good mortgage broker can
give you an estimate of your closing costs and your monthly mortgage payment.
WATCH YOUR SPENDING AND CREDIT DURING THE BUYING PERIOD...Don't take on additional
debt while in the process of buying a home. Mortgage lenders use debt to income
ratios for the approval process. Have patience and wait until after closing to make
additional major purchases. If you are thinking of changing jobs, try to wait as
lenders also look at job stability. Be very diligent about paying your bills on
time. Credit scoring frameworks are complex and often vary among creditors and different
kinds of loans.
CHOOSE AN EXPERIENCED REAL ESTATE AGENT TO WORK WITH...Trying to search for
a home yourself will leave you exhausted and frustrated. Searching the internet
for a new home is a nice pastime, but much of the information is outdated. River
Hills Realty, Inc. has a team of experienced real estate agents who know the market
and are aware of new listings.
LEARN THE AREA, DECIDE ON WHERE YOU WANT TO LIVE - - DO YOUR RESEARCH..
.The Tampa Bay area is large and diverse. Our website is a good source of information
and will help you narrow down the area most appealing to you. Research, explore,
and learn by asking questions and driving to different areas. Decide on the area
suiting most of your needs and begin your search.
PRIORITIZE AND COMMUNICATE... Review your priorities with your real estate
agent. Take time to think over the most important "must haves" in your new home.
Be honest and open concerning your needs and make sure we understand. Listening
is an important part of our job. It is VERY important we understand your criteria.
Be clear about what areas are important to you and where you can compromise.
KNOW WHAT YOU WANT - - BE READY TO MAKE AN OFFER...At this point you will
be educated about availability, price ranges, communities, schools and your priorities.
Now you are trying to find that perfect home. Resist the urge to hesitate once you
find that perfect home. Remember, if you love it, chances are others
will too. - - TIME IS OF THE ESSENCE!
THE IMPORTANCE OF INSPECTIONS... As a buyer you are entitled to know exactly
what you are buying. A professional home inspection should be accomplished whether
you are buying a new or existing home. The inspection is your opportunity to REALLY
take a look at the property and to get a written opinion concerning the property's
condition.
Make sure the report is produced by a professional home inspector. You should
accompany the inspector as this gives you the opportunity to ask questions
and to receive unbiased answers. Review the inspection report carefully and discuss
repairs required (if any) with your agent as this information is passed to the seller
or the seller's agent.
ATTEND TO THE MORTGAGE LOAN PROCESS IN A TIMELY MANNER... Time is of the
essence. When your lender requires paperwork, promptly provide any and all information
to the lender to assure a timely process. Your lender will require current bank
accounts (name, address, type, account numbers,approximate balances), details about
outstanding loans and credit accounts as well as a list of your assets (stocks,
bonds, life insurance, cars owned).
PREPARE FOR CLOSING... Shopping for property insurance is important and not
to be postponed. Contact an agent after you have accomplished your home inspection
so you insurance will be in place at closing. Proof of insurance is required by
lenders prior to closing. Make sure you call the utility companies to arrange your
accounts prior to closing. Make sure your funds are available to close. If you are
not having the funds transferred to the title company by wire, you will need a cashier's
check or certified funds check in the amount of your closing costs. A wire transfer
usually takes a day, so if you are coming from another area, you should attend to
this the day before closing.
|