Consider These FAQ Before Purchasing a New Home

How do you know if owning a home is right for you? Buying a home is a big step. Here are some FAQs to consider before purchasing a home.
family financeHow would a buyer know if they are ready to buy a house?
A home is a lifestyle & commitment change, which may include many factors when deciding to purchase a home. Growing a family, relocating, an extended family living together, or low interest rates are all examples that can be the deciding factor when a new buyer is ready to purchase a home. Buying a home is a good investment in your future.
What are some ways to ensure a buyer’s finances are in order before they buy a house?
The first discussion that the agent will have with the buyer is if the buyer is Pre-Approved for a mortgage. They should always be Pre-Approved by a mortgage loanpre-approval 2 officer at a local lender whom they trust. Some of the factors that are taken into consideration to be Pre-Approved are to always maintain a good credit score, income and asset verification and employment status.
It is imperative that the buyer is educated on what they should or shouldn’t do while the mortgage is in the process. Also, the buyer should never over extend themselves with a mortgage payment. A little hand holding goes a long way!
If a buyer has found a house that fits their needs, what can they do to get more information about the neighborhood?
Before a buyer signs on the dotted line they should always educate themselves on the neighborhood. They should visit during the day, night, and weekends, check out local online forums, talk with neighbors, review crime stats, and the amenities that the town offers. Location, location, location is the most important factor when purchasing a home!
How can buyers better prepare themselves for the home buying process?
The home buying process should not be stressful or problematic. It should be a great and happy experience, but unfortunately not every buyer will agree. It is a team effort… the agent, the mortgage officer and the buyer.
cooperationThe agent and the loan officer should never pass any stress onto the buyer. The agent’s responsibility is to find the buyers a home. The agent should be knowledgeable in explaining the following steps to the buyer: contract, home inspection, mortgage commitment, and closing.
The loan officer’s job is to put all the pieces of the puzzle together. He is responsible for educating and guiding the buyer through the complicated mortgage process, He must understand the details of the transaction and the buyer’s needs. He assembles all relevant documents to support the mortgage application and submits them to his underwriter for approval.
The buyer’s job is to keep the agent and loan officer informed and comply immediately with any questions or concerns they may have. When the agent and the loan officer prepares the buyer, their buying experience should be pleasant and happy. The only thing that the buyer should be worried about is packing.
What are some important things that buyers should consider when buying a home?
It is the agent’s responsibility to keep an open dialogue with their buyers and explain to them what will sell and what may not sell in the future. Location is the number one factor when buying a home, try not to purchase a home that has less than 3 bedrooms, don’t purchase near or under a highway. These are some examples buyers should think about when purchasing a home. Don’t be afraid to ask your agent and loan officer the hard questions

Rick Cignoli

Then reach out to Me at 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Jump Start Mortgage Pre-Approval service and be ready to make an offer on your dream home.

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