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There’s no doubt that the home buying process has changed in recent years. Virtual home tours are still reigning high as a fast and easy way to check out properties. You can also look forward to getting a great mortgage interest rate that makes buying your first home now a smart financial choice. While many of the changes are wonderful for buyers, you’ll need to keep in mind that this has also led to more competition. Taking these six steps helps you prep so that you’re ready to get your offer accepted once you find the house of your dreams.
Create a Realistic Budget
Narrowing down your options is easier when you start by searching just for the homes that you can afford. You can use online calculators to help you determine a realistic budget, but you’ll also want to factor in any unusual expenses or anticipate income opportunities. Keeping your search within the range of homes that you can afford helps you to avoid wasting time.
Explore Home Buyer Programs
Once you start digging into getting a home loan, you’ll notice that there are different options available to make buying a house easier for people who meet certain guidelines. For instance, you might qualify for a VA loan if you are a current or former service member. Or, you might want to get an FHA loan to help you make a lower downpayment. Mortgage lenders in Huntington Beach can help you figure out if you are eligible for special homebuyer programs that make it easier to find a home that you can afford.
Seek a Home Loan Pre-Approval
You might be eager to start touring houses, but taking a few minutes to get your finances in order goes a long way toward being able to jump on the perfect one. Getting pre-approved for mortgage loans is fairly simple since all it takes is asking a broker to take a look at your credit history and income to make sure that you are qualified for a loan. Once you are, you can use your letter to let buyers know that you are fully vetted for making a qualified offer.
Map Out Your Home Search Plan
The majority of home buyers benefit from working with a real estate agent. An agent from your area knows the general neighborhoods and is able to find out which homes are hitting the market before they sell. In addition to finding an agent, you’ll want to determine if you prefer to focus on virtual or in-person tours or a combination of them both.
Start Touring Homes
Now you are ready to get down to business. The trick to making home tours effective is to create a plan that helps you remember each one. Consider snapping a few photos of things that capture your attention or save screenshots from virtual tours. You can then revisit them later when you are seriously considering each property.
Make an Attractive Offer
If you’ve followed each step correctly, then you should reach this point soon. With your pre-approval letter in hand, you’ve already got an edge on the competition. The next step is to make a reasonable offer that might also include a few perks for the seller such as offering to accelerate the closing date.
The upcoming year holds great promise for homebuyers who are ready to jump into a booming market that is filled with new construction and pre-owned homes. Making sure to work through each stage with a clear head helps you to find the ideal home within your perfect price and time range.