Best Practices for Proactive Homebuyers



Ready to buy a house? It pays to be proactive, especially if you hope to streamline the process of acquiring a terrific residence at a budget-friendly price.

A superb house is likely to stir up interest from large groups of homebuyers. Fortunately, with a proactive approach, you can stay ahead of the homebuying competition and boost your chances of securing a wonderful house.

Ultimately, there are several best practices for proactive homebuyers, and these practices include:

1. Search for Homes Early and Often

The early bird catches the wom. Much in the same vein, a proactive homebuyer is better equipped than others to achieve his or her desired results.

Keep a close eye on the housing market – you’ll be glad you did. If you monitor home listings in your city or town, you can quickly identify potential properties that you may want to buy.

In addition, evaluate housing market trends and patterns. With this housing market data in hand, you can differentiate between a buyer’s and seller’s market.

2. Get Pre-Approved for a Mortgage

Meet with several banks and lenders in your area. By doing so, you can explore a variety of mortgage options and select one that complements your finances.

There is no shortage of mortgage options at your disposal. For example, many homebuyers prefer a 30-year fixed-rate mortgage, which guarantees they will pay the same amount each month for the life of a mortgage. On the other hand, some homebuyers choose a 15-year adjustable-rate mortgage, which features lower upfront payments that gradually increase over time.

If you’re uncertain about which mortgage option to select, there is no need to worry. Banks and credit unions employ friendly, knowledgeable mortgage professionals who can help you make an informed decision.

Perhaps best of all, meeting with mortgage professionals guarantees you can receive expert responses to your concerns and questions. These mortgage professionals will devote the necessary time and resources to assist you and make it simple for you to select a great mortgage.

3. Collaborate with a Real Estate Agent

If you want to enter the housing market, there is no reason to wait. In fact, if you contact a real estate agent today, you can immediately launch a successful homebuying journey.

A real estate agent is dedicated to your homebuying success. He or she first will learn about your homebuying goals, ensuring you can start the homebuying journey on the right foot. Then, this housing market professional can help you narrow your search for your dream residence.

In most instances, a real estate agent will set up home showings, keep you up to date about new residences as they become available and help you submit home offers. This housing market professional also provides a one-of-a-kind homebuying resource. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them.

Don’t wait to kick off a homebuying journey. Instead, use the aforementioned tips, and you can become a proactive homebuyer.

Getting Along in a New City: Homeowner Costs

Image by Mohamed Hassan from Pixabay

There are many parts and pieces that go into relocation. Finding the perfect home is, of course, an important step in the process. But once you have found a residence in your new city or town, it is crucial to consider other home-ownership factors that will affect your monthly and annual expenses. As part of your relocation preparation, research what other fees and bills you may need to pay outside of your mortgage. 

If you’re moving to a new state, review the escrow process and any new, or different, closing costs that may increase the amount you’ll owe. Understand what annual property taxes will be assessed and fees you will be responsible for. Homeowners Associations may also function differently in your new city or state. Closely review all paperwork and research what costs are normal for the area. Know what your requirements are as a homeowner, so you don’t agree to anything outside the norm or incur fees from not aligning to your contract.

Utility costs vary from city to city and state to state, but even within the same city, prices can be different from neighborhood to neighborhood. While you’re house hunting, include a visit to the electricity, water, gas and trash company websites that service the homes you’re considering. For electricity and water, learn what the costs are per unit, time of day and any special programs available for conservation. See what bins your new trash company offers and how much they charge per month. There might be different sizes available to you at different pricing, along with compost or yard waste bins and lower to even free rates for recycling. Your new city may also have monthly fees for general upkeep of parks, greenbelts and other public services.

When you consider the monthly mortgage payment you can afford, it’s smart to take these other costs into account. You might be able to make a mortgage payment, but a high electricity or water bill might put your monthly outgo outside your budget. It’s easy to forget about these little (or big) costs. Make your move easy and successful by planning for monthly and annual costs outside of your mortgage.

Homebuying Tips: How to Purchase a House at a Low Price

You know you want to make your homeownership dream come true sooner rather than later. At the same time, you still have no idea about how you’ll acquire a great house at a budget-friendly price.

Navigating the housing market can be tricky, especially for those who are operating with limited finances at their disposal. Lucky for you, we’re here to take the guesswork out of the homebuying journey and ensure you can discover a wonderful residence at a price that won’t break your budget.

Now, let’s take a look at three tips to help you buy your dream house at the lowest-possible price.

1. Analyze the Housing Market

The real estate market may seem complicated at first. Fortunately, homebuyers who collect and review housing market data can become real estate experts in no time at all.

Ultimately, homebuyers who know the ins and outs of the real estate market may be better equipped than others to get the best price on a house. These buyers can identify patterns and trends within housing market data and determine whether they’re operating in a buyer’s or seller’s market. Then, once a buyer finds his or her dream house, this individual can submit a competitive offer to purchase that meets the needs of all parties involved in a home sale.

2. Get Pre-Approved for Home Financing

Getting pre-approved for home financing allows you to enter the real estate market with a good idea about how much you can spend on a residence. Thus, you’ll be able to determine exactly how much you can afford to pay for a residence – and avoid overspending on a house – if you obtain pre-approval for a mortgage.

To receive pre-approval for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions employ courteous, knowledgeable mortgage specialists who can teach you everything you need to know about home financing. That way, you can get the information you need to make an informed mortgage decision.

3. Collaborate with a Real Estate Agent

Hiring a real estate agent is essential for a homebuyer who wants to purchase his or her dream house at the right price. In fact, a real estate agent will go above and beyond the call of duty to ensure that you can avoid paying too much for your ideal residence.

Typically, a real estate agent will meet with you and learn about your homebuying goals. He or she next will craft a personalized homebuying strategy, one that allows you to quickly and effortlessly discover a high-quality and affordable residence. After you find your ideal house, a real estate agent will help you put together a competitive offer to purchase too. And if a seller accepts your homebuying proposal, a real estate agent will guide you along the final stages of the property buying journey.

Ready to make your homeownership dream a reality? Use the aforementioned tips, and you can find a top-notch house at a price that matches your budget.

First-Time Homebuyer Tips: Get the Mortgage You Want

Obtaining a mortgage can be overwhelming, particularly for a first-time homebuyer. Lucky for you, we’re here to help you streamline the process of analyzing various mortgage options and choosing one that matches or exceeds your expectations.

Now, let’s take a look at three tips to help first-time homebuyers secure the ideal mortgage.

1. Assess All of the Mortgage Options at Your Disposal

Both fixed- and adjustable-rate mortgages are available, and homebuyers who understand the pros and cons of these mortgage options may be better equipped than others to make the right mortgage decision.

A fixed-rate mortgage ensures a homebuyer will pay the same amount each month. For example, a 30-year fixed-rate mortgage enables a homebuyer to budget for monthly home payments over the course of three decades. And in many instances, a homebuyer may be able to pay off a fixed-rate mortgage early without penalty.

On the other hand, an adjustable-rate mortgage may start out with a lower monthly payment that escalates over the course of a few years. An adjustable-rate mortgage, for instance, may allow a homebuyer to acquire a home that surpasses his or her initial budget thanks to a lower initial monthly payment. However, after the first few years, the monthly mortgage payment may increase, and a homebuyer will need to plan accordingly.

Assess your mortgage options closely – you’ll be glad you did. By doing so, you can boost your chances of selecting a mortgage that works well based on your current and future financial needs.

2. Evaluate Your Credit Score

Believe it or not, a first-time homebuyer’s credit score may impact his or her ability to get the right mortgage. Fortunately, a first-time homebuyer can analyze his or her credit score without delay.

You can request a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Then, with your credit report in hand, you can better understand how potential lenders may view your mortgage application.

Of course, if you receive a copy of your credit report and find glaring errors, be sure to let the credit bureau know immediately. This will enable you to get any mistakes corrected and ensure these problems won’t slow you down as you pursue your dream residence.

3. Consult with Potential Lenders

Although getting a mortgage may seem like an uphill climb at first, consulting with potential lenders may prove to be exceedingly valuable, especially for a first-time homebuyer.

Banks and credit unions employ friendly, knowledgeable staff who are happy to educate you about assorted mortgage options. These lenders can teach you about the ins and outs of various mortgage options at your convenience.

Lastly, if you need extra help in your search for the perfect mortgage, real estate agents may be able to offer assistance. These housing market professionals can provide honest, unbiased recommendations about lenders in your area so you can move one step closer to securing your ideal mortgage.

Ready to get a mortgage for the first time? Use these tips, and you can accelerate the process of obtaining a mortgage that suits you perfectly.