If you are planning to buy your first home soon, you may be feeling a mix of emotions including excitement and nervousness. Buying a home for the first time can certainly be very exciting, but it can also be daunting and get overwhelming, especially if you have no idea where to begin. Here are a few tips to help you get started:
Before you make an offer, get pre-approved for a mortgage. This is especially true if you are trying to buy a house in a competitive market. Your offer should contain as few conditions as possible, to increase the chances of getting it accepted. An offer that is conditional on getting financing is often a deal breaker. Some sellers would rather accept an offer for less money than take the risk that their potential buyer won’t be able to raise mortgage money. A pre-approval letter would let sellers know that you are ready and able to commit to purchasing a home.
Know when to quit. If you get caught up in your emotions, you may end up paying too much for a house. This often happens when buyers fall in love with a particular home and start fantasizing about what it would be like to live there. A bidding war could also trigger your competitive instincts and cause you to pay too much. Either way, you may regret it later on. Keep yourself level-headed throughout the home buying process and negotiate based on reason rather than emotion.
Don’t forget the closing costs. Putting together your down payment isn’t enough. Remember that there is also a long list of expenses you may have to pay at closing, depending on where you live and who your lender is. Set aside enough funds to cover closing costs well in advance, so you won’t have to tighten your belt too much come closing day.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
