So, you want to buy a new home? Congratulations, you took the first major step: Making the major decision. There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.
A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and understand the details. With the assistance of your real estate agent and loan officer, it should be an efficient, pleasant, and ultimately rewarding experience.
Your Real Estate Agent’s Role
Your real estate agent has an important job. Count on your agent to do some of the heavy lifting and preview all of the available homes to weed out those that are overpriced, or undesirable in some other way to ensure you are only seeing the homes that suit your needs as you’ve defined them.
Your real estate agent can also help you determine the difference between a “good buy” and a property that, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future. They can also negotiate the best deal for you.
With a pre-qualification letter from Priority Mortgage in hand, your real estate agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the seller, and may make the difference between the seller accepting your offer or someone else’s — even if your offer is lower!
Your Mortgage Team’s Role
Your mortgage team can assist you in selecting the best loan to meet your personal situation and goals while making sure you get the best rates and fees, which can save you thousands of dollars throughout the years! Count on your team to keep you and your real estate agent informed of your loan status throughout the entire process.
It is your responsibility to keep your real estate agent informed of any questions or concerns you may have as they develop. You can also ensure that the process continues to move by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
Most importantly, you should enjoy purchasing your home, while remaining objective throughout the process in order to make the business decisions that are best for you. Get pre-approved as early as possible and put the power of financing behind you so you can concentrate on selecting your home.