To help negotiate today’s real estate market and mortgage, here are six simple steps to buying and selling your home:
Use homebuyer programs
Utilize the programs specific to your local area to help you buy your next home. Websites such as HSH.com can provide tools to those house-hunting of the prospective help on their search. These assistance programs primarily target first-time buyers, offering support in terms of lower mortgage rates, buyer info/education lessons, or even help making down-payments. While fewer, there are programs for homebuyers with a little more experience too.
Mortgage pre-qualifications just don’t cut it
Know that mortgage pre-qualifications are not sufficient when buying your first home, as ideally, you want to be pre-approved. Pre-qualifications do not guarantee that your loan will be approved. Further issues arise if you are looking for the wrong home. It’s imperative to set your price range initially, and know just how much you can and are willing to spend on your new mortgage. Not only will this save you money, but it will also save you precious time! Sellers can reject the offer you make, or ask that you become pre-approved first.
Know mortgage terms
Learn mortgage lingo. It’s not only just confusing for a first time buyer or homeowner, but start becoming able to distinguish the difference between a jumbo loan and a jumbo-conforming loan and the most confusing mortgage terms here.
Take a homebuyer education course
Are you worried about not having saved enough to make a down payment? Are credit problems stressing you out? Are you confused about how to begin the process of actually buying a home? If you’re a first time homebuyer, seriously consider taking a homebuyer education course. The benefits are substantial, helping you bridge that gap from renting to owning and putting to rest all the pressing questions and worries you may have about the process.
Rethink where you want to live
Consider the commute. It is not uncommon for people to want to chose to live in particular area to be closer to work. People make the conscious decision to live in a suburb or the more urban city area for various, valid reasons (i.e. to be closer to family, education, work, simply personal preference).
Know the best times to sell
Timing is everything when selling your home. Not only is it important to have your home looking absolutely pristine inside and out when you are trying to sell, but you should also take into consideration the best time to sell it. Spring generally tends to be the best time to put your house on the market, due to better weather encouraging people to go out and look at houses.