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a home can be one of your most significant investments in
life. Not only are you choosing your dwelling place, and the
place in which you will bring up your family, you are most
likely investing a large portion of your assets into this
venture. The more prepared you are at the outset, the less
overwhelming and chaotic the buying process will be. The goal
of this page is to provide you with detailed information to
assist you in making an intelligent and informed
a Buyer's Agent
- It's important that you choose
an experienced agent who is there for you. Your agent should
be actively finding you potential homes, keeping you
informed of the entire process, negotiating furiously on
your behalf, and answering all of your questions with
competence and speed.
find an agent who represents you and not the seller. This is
beneficial during the negotiation process. If you are working
with a buyer's agent, he or she is required not to tell the
seller of your top choice. In addition, he or she is also
focused on getting you the lowest asking price.
when you use a buyer's agent, you will see more properties.
Not only are they plugged into their Multiple Listing Service,
but also they are actively finding homes that are listed as
FSBO, or homes that sellers are thinking about listing.
You Should Not Make Any Major Credit Purchases
- Don't go on a spending spree using credit if you are
thinking about buying a home, or in the process of buying a
new home. Your mortgage pre-approval is subject to a final
evaluation of your financial situation.
$100 you pay per month on a credit payment could cost your
about $10,000 in home eligibility. For example, a car payment
of $300/month could mean that you qualify for $30,000 less in
if you have accumulated enough savings, you should considering
not making any large purchases until after closing. The last
thing you want is to know that you could have purchase a new
home had you curbed the urge to spend.
a Legitimate Lender and Getting Pre-Approved
- It used to be that buyers could go house shopping and when
they have found their dream home, then they go to get
pre-approved. However, in today's market, that has proven to
be one of the least effective methods in landing the dream
lenders can pre-qualify you for a mortgage over the phone.
Based on general questions about your income, debt, assets,
and credit history, lenders can estimate how much mortgage you
qualify for. However, being pre-qualified and pre-approved are
different things. Pre-approval means that you have applied for
a mortgage; you have filled out the mortgage application,
received your credit report, and verified your employment,
assets, etc. When you are pre-approved, you know exactly what
the maximum loan amount will be.
pre-qualified letter is not verified and in essence, does not
count for much if you are competing with other buyers who are
pre-approved. When you are pre-approved, you and the seller
know exactly how much house you can afford. It gives you
credibility as an interested buyer and lets the seller know
immediately that you will qualify for a loan to buy their
addition to being pre-approved, it's important to be
pre-approved with a legitimate lender. Legitimate lenders
include: banks, mortgage bankers, credit unions, savings and
loan associations, mortgage brokers, and online lenders.
lenders to avoid: those who lose a form or misplace a file,
those who gather information from you in an unorganized
manner, those who are not informed about interest rates,
points or costs, and those who cannot provide you with the
a Plan of Action and Get Ready
- Buying a
home will probably rank as one of the biggest personal
investments one can make. Being organized and in control will
contribute significantly to getting the best home deal
possible with the least amount of stress. Is important to
anticipate the steps required to successfully achieve your
housing goal and to build a plan of action that gets you
you can build a plan of action, take the time to lay the
groundwork for your decision-making process.
ask yourself how much can you afford to pay for a home. If
you're not sure on the price range, find a lender and get
preapproved. Preapproval will let you know how much you can
afford so that you can look for homes in your price range.
Getting pre-approved helps you to alleviate some of the
anxieties that come with home buying. You know exactly what
you qualify for and at what rate, you know how large your
monthly mortgage payments will be, and you know how much you
will have for a down payment. Once you are pre-approved, you
avoid the frustration of finding homes that you think are
perfect, but are not in your price range.
ask yourself where you want to live and what is the best
location for you and/or your family. Things to consider:
for all family members
to work, school
rate of neighborhood
of homes in neighborhood, for example condos, town homes,
co-ops, newly constructed homes etc.
of Inspection - As a buyer, you are
entitled to know exactly what you are getting. Don't take for
granted what you see and what the seller or the listing agent
tells you. A professional home inspection is something you
MUST do, whether you are buying an existing home or a new one.
An inspection is an opportunity to have an expert look closely
at the property you are considering purchasing and getting
both an oral and written opinion as to its condition.
make sure the report will be done by a professional
organization, such as a local trade organization or a national
trade organization such as ASHI (American Society of Home
Inspection). Not only should you never skip an inspection, but
also you should go along with the inspector during inspection.
This gives you a chance to ask questions about the property
and get answers that are not biased. In addition, the oral
comments are typically more revealing and detailed than what
you will find on the written report. Once the inspection is
complete, review the inspection report carefully.
have to demand an inspection when you present your offer. It
must be written in as a contingency; if you do not approve the
inspection report, then you don't buy. Most real estate
contracts automatically provide an inspection contingency.
Financial Stress - By asking the right
questions, and knowing exactly what your needs are, you can
find the right loan for you. There are certain approaches that
you can take while mortgage shopping that can cost or save you
still true that the better qualifications you have, the lower
your interest rate will be. However, there are mortgages
available for almost everyone; it's the interest rates or the
down payments that vary.
speaking with a lender, know what monthly dollar amount you
feel comfortable committing to. Then when you discuss mortgage
pre-approval with your lender, it is easier for you to
determine the monthly amount and what value of home the
monthly amount translates into. Do not put yourself in the
position where you will be paying more each month than you
intended simply because the "dream" house requires
your research on the types of mortgages available to you and
find the one that best suits your needs. There are a number of
considerations to be made in terms of finding the best
mortgage for each individual:
type of market are you in? Are the interest rates falling
you want a fixed mortgage rate, where you will always know
what your payment is going to be?
are your long-term goals? Do you intend to resell the
you only need the mortgage for a short time
Coldwell Banker Residential Real Estate, Inc.
928 N Collier Boulevard
Island, Florida 34145
239) 571-4369 - Direct
(800)733-8121 ext. 2232- Work
(239) 642-5970 -
(239)571-4369 - Cell