6 Steps Home Buyers Use to Make the Process Easier!

For generations, many of us have considered owning a home to be an important and significant component/part of the so-called American dream. However, after more than 15 years as a licensed real estate salesperson in New York State, I have found that for most, the process and time frame involved in trying to achieve this goal is too often a anxious, defiant! So wouldn’t it make sense, if possible, for prospective homebuyers to follow these 6 steps? With that in mind, this article will briefly attempt to consider, examine and review what this means and represents, and why, if used wisely, it could make this period so much less stressful!

1. Prequalification / Preapproval: Before beginning this search, it is smart and time-saving as well as stress-reducing for a potential buyer to consult with a mortgage professional and make sure they qualify for a loan. However, it is even wise to get pre-approval, which means the only remaining step is to ensure that the subject – home, evaluate, for the amount needed. What could be more stressful than shopping and finding a great house, of one’s dreams, and then being unable to get it, because you didn’t?

two. Fix/Repair Credit First: Before proceeding, your professional adviser must inform you of any problems with your credit history, etc. Before proceeding, go ahead, it is prudent and effective/efficient to fix any potential obstacles/problems and repair your credit in general.

3. Pay-down, other debt: Lenders typically use a number of financial formulas, many of which largely take into account your total debt, as well as what you could pay for your home component of it. Most advise a potential buyer to pay off other debts before attempting any home-oriented loans!

Four. Accumulation – initial payment: In most conventional mortgages, an individual receives the best rates and other terms, when/if they pay a significant percentage of the cost of the home purchase. In most cases, for a single family home, 20% is the magic percentage, required and recommended!

5. Pick up reservations: Informed buyers. Learn about and understand what reservations could make home ownership a less stressful and smoother process! Therefore, does it not make sense to gather the necessary financial reserves so that there are no undesirable responses?

6. Cooperate with the mortgage banker: When you work together with your mortgage banker, and proceed as – a – team, the process runs smoothly, etc. Have a thorough discussion, early on, so you are aware of all the requirements, and what the lender, many, need from you in terms of paperwork, etc.

Achieve your dream home by being as prepared as possible and ready to tackle and overcome all obstacles. Will you do what’s best for you?