Nicholas Desantis' Blog
Anyone can buy a home – all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.
Now, let's take a look at three tips to help you determine how you will afford a house.
1. Take a Look at Your Current Financial Situation
Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.
After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.
2. Get a Copy of Your Credit Report
In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.
The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.
Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.
3. Reach Out to Local Lenders
Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.
Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.
If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.
Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.
If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.
Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.
For homebuyers who want to do everything possible to discover their dream residences, it generally is a good idea to attend open houses. These events make it simple to analyze residences and determine whether they match or surpass your expectations.
Ultimately, there are many reasons to attend an open house, and these include:
1. You can get a first-hand look at a home.
A home listing often provides a great starting point for homebuyers. However, a listing alone fails to empower buyers with the information that they need to fully analyze a house.
By attending an open house, you can get an up-close look at a residence. An open house allows you to walk around a home and view each section of a residence at your convenience. Plus, an open house usually is stress-free, and if you don't like a residence after the event, you can simply continue your search for your dream home.
2. You can receive comprehensive home insights.
During an open house, you can gain home insights that you may struggle to obtain in a home listing. Therefore, homebuyers may want to prepare a list of questions before they attend an open house to ensure they can obtain deep insights into a home's condition.
Moreover, an open house may help you determine whether there is substantial or minimal interest in a residence. If an open house is attended by dozens of potential buyers, you may need to act quickly to submit an offer to secure this residence. Comparatively, if you are the only person to attend an open house, you may be better equipped than ever before to negotiate a home's price with a seller.
3. You can envision what life might be like if you purchase a residence.
When it comes to deciding whether a home is right for you, attending an open house is paramount. In fact, an open house enables you to envision what life may be like if you purchase a residence. And if you feel comfortable with a home after you attend an open house, you can always submit an offer to help transform your homeownership dream into a reality.
If you plan to attend open houses in the foreseeable future, there is no reason to attend these events alone. Fortunately, real estate agents are available who can help you prepare for open houses and ensure you can discover your dream residence.
A real estate agent is a housing market expert who can teach you everything you need to know about buying a home. This housing market professional first will learn about your homebuying goals and craft a personalized homebuying strategy. Then, a real estate agent will keep you up to date about open houses, offer homebuying insights and do everything possible to help you find a home that you can enjoy for years to come.
Reach out to a real estate agent today. By doing so, you can start attending open houses and boost the likelihood of a successful homebuying experience.
If you plan to submit an offer to purchase a home, there is no need to leave anything to chance. And in most instances, it is a good idea to put your best foot forward with your offer to purchase. That way, you can boost the likelihood of receiving an instant "Yes" from a seller and moving one step closer to acquiring your ideal residence.
Now, let's take a look at three tips to help you put together a competitive homebuying proposal.
1. Study the Housing Market
The current state of the housing market may impact the definition of a competitive offer to purchase. For instance, if the housing market favors buyers, you may face limited competition to acquire your ideal residence and can craft your offer to purchase accordingly. On the other hand, if the housing market favors sellers, you may need to submit an offer to purchase at or above a seller's initial asking price to secure your dream home.
Take a close look at the housing market and analyze market data. Then, you can differentiate a buyer's market from a seller's market and determine how much to offer for a house.
2. Weigh a House's Pros and Cons
A home has its strengths and weaknesses, and as a property buyer, you should dedicate time and resources to learn about all aspects of a residence. By doing so, you can determine whether a residence is right for you and submit an offer to purchase based on a house's age and condition.
Consider any home repairs that may need to be completed as well. If you understand the costs of potential home improvements, you can craft an offer to purchase that accounts for these tasks.
3. Collaborate with a Real Estate Agent
Submitting a competitive offer to purchase sometimes can be difficult for experienced and first-time homebuyers alike. Fortunately, if you work with a real estate agent, you can get the help you need to create an aggressive offer to purchase.
A real estate agent understands the ins and outs of buying a house and can offer expert insights into the property buying journey. He or she will teach you about the real estate market and respond to your homebuying concerns or questions. In addition, a real estate agent will help you find your dream home, set up house showings and keep you informed about residences that become available and fit your homebuying criteria.
Furthermore, a real estate agent can provide in-depth housing market data and insights. He or she ultimately can help you take the guesswork out of crafting a competitive homebuying proposal. And as a result, a real estate agent will do everything possible to ensure your offer to purchase matches a seller's expectations.
Ready to submit an offer to purchase your dream residence? Take advantage of the aforementioned tips, and you can bolster your chances of acquiring your ideal residence in the foreseeable future.
Buying a home is a process that can seem daunting and even a little scary to most first-time buyers. After all, being a homeowner is a huge financial and personal responsibility.
To make this lengthy process a bit more approachable, we’re going to break it down into five steps. While these five steps may be somewhat different for each person, depending on their own unique situation, they do comprise most home buyer’s experience.
If you’re interested in learning the steps you’ll need to take before owning your first home, read on.
Step 1: Know your long-term goals
Before you buy a home, you’ll want to have a clear understanding of what you, your spouse, and your family want from the next five or more years. You’ll want to make sure the area you’re moving to can provide things like career advancement and opportunity, good schools for your children, and so on.
These questions may seem obvious, but it’s an important conversation to have before making the long-term commitment of owning a home.
Step 2: Your budget and your needs
It might be tempting to hop online and start shopping for houses, but first you should get a clear idea of the size and cost of the house you’re looking for. This involves determining your budget, thinking about your credit and planning for your down payment.
Step 3: Mortgage pre-approval
Getting preapproved for a mortgage can be a great way to gauge the interest late and loan amount you’ll be approved for. You’ll need to gather paperwork, including income information (pay stubs), tax returns, and W-2 forms.
Be aware that lenders will run a detailed credit report. Since credit reports count as an inquiry, they can temporarily lower your credit score by a few points.
Applying to several lenders within a short period of time can make a significant impact on your score. However, it will start to rise again within a few months if you don’t open any new credit accounts or take out other loans.
Step 4: Get an agent
Real estate agents know the ins and outs of the home buying process better than anyone else. They’ll be able to guide you through the process and provide you with information that you can’t get anywhere else.
Step 5: Pick the right home for you
Now it’s time to start home shopping. However, before you begin, remember that getting approved for a loan doesn’t mean you must or should seek to spend the full amount on a home.
Plan for your needs, and keep the future in mind. Someday you might decide to upgrade, but in the meantime you can be building your credit and building equity in a smaller or more frugal home.
Getting pre-approved for a mortgage may prove to be a long, arduous process if you are not careful. Fortunately, homebuyers who plan ahead should have no trouble obtaining a mortgage so they can enter the housing market with a budget in hand.
Ultimately, there are many questions to consider as you assess your mortgage options, and these questions include:
1. What type of mortgage should I get?
The two most common types of mortgages are adjustable- and fixed-rate varieties. If you understand the differences between these mortgage options, you can make an informed mortgage decision.
An adjustable-rate mortgage generally features a lower initial interest rate than a fixed-rate option. However, after a set amount of time, an adjustable-rate mortgage's interest rate will increase.
Comparatively, a fixed-rate mortgage has an interest rate that will remain intact for the life of your mortgage. This means you will pay the same amount each month until your mortgage is paid in full.
When it comes to deciding between an adjustable- and fixed-rate mortgage, it pays to look at the pros and cons of both options. Remember, no two homebuyers are exactly alike, and a mortgage that works well for one buyer may not work well for another. But if you evaluate adjustable- and fixed-rate mortgages closely, you can make the best-possible decision.
2. What differentiates an ordinary lender from an outstanding one?
There is no need to settle for an "ordinary" lender as you pursue mortgage options. Instead, you should seek out an exceptional lender that goes above and beyond the call of duty to assist you.
Typically, an outstanding lender employs mortgage specialists who are ready to respond to any concerns or questions. These specialists can help you evaluate a broad array of mortgage options and decide which mortgage best suits your individual needs.
Don't be afraid to meet with several banks and credit unions, either. This will allow you to assess many lenders and select one that matches or exceeds your expectations.
3. Which mortgage should I select?
There is no one-size-fits-all mortgage that works well for all homebuyers, at all times. As such, you should conduct plenty of research as you explore your mortgage options. This research will enable you to analyze assorted mortgages and lenders and make the optimal choices.
Once you have a mortgage, you can move one step closer to acquiring your dream house. And if you collaborate with a real estate agent, you can receive expert support at each stage of the homebuying journey.
A real estate agent is a must-have for any homebuyer, regardless of the current housing market's conditions. This housing market professional can teach you everything you need to know about buying a house. Also, he or she can help you examine a vast collection of available houses.
Ready to kick off a house search? Get pre-approved for a mortgage, and you can enter the housing market with a homebuying budget at your disposal.