You’re about to invest in your most valuable asset. Below are our top
8 recommendations to make you more confident as you start your home buying
journey.
1. Your Credit Rating
Getting your finances in order is probably the most important step you should take. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you. There are 2 credit reporting agencies that may have credit information on you that lenders rely on. To order a credit report from Equifax, click here. To order a credit report from Transunion, click here
Getting your finances in order is probably the most important step you should take. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you. There are 2 credit reporting agencies that may have credit information on you that lenders rely on. To order a credit report from Equifax, click here
2. Understanding How Mortgages Work
Get familiar with the mortgage laws, structure and options. That way, you will be able to decide on the right loan and lender with help from your Bob Hanscom Mortgage Agency mortgage advisor
Get familiar with the mortgage laws, structure and options. That way, you will be able to decide on the right loan and lender with help from your Bob Hanscom Mortgage Agency mortgage advisor
3. Getting a Mortgage Pre-Approval
Do you know how much house you can afford? Is your employment and credit history up to snuff for a purchase? Do you have the down payment required? You may not know this information, unless you’ve talked to a mortgage advisor. Pre-approval helps you in other ways: Many realtors require their clients to obtain mortgage pre-approval before shopping for houses. A pre-approval also guarantees your interest rate with the lender of your choice for up to 90-120 days while you shop - if the interest rates fall during that time, you are guaranteed the lower rate. If the interest rates rise with your lender(s) during that time, you are protected against the increase
Do you know how much house you can afford? Is your employment and credit history up to snuff for a purchase? Do you have the down payment required? You may not know this information, unless you’ve talked to a mortgage advisor. Pre-approval helps you in other ways: Many realtors require their clients to obtain mortgage pre-approval before shopping for houses. A pre-approval also guarantees your interest rate with the lender of your choice for up to 90-120 days while you shop - if the interest rates fall during that time, you are guaranteed the lower rate. If the interest rates rise with your lender(s) during that time, you are protected against the increase
4. Sorting Out Your Needs and Wants
The process will go a lot smoother if you are familiar with your real estate market and narrow down your wants and needs before you start looking at houses. This gives you a good idea of what you can purchase in your price range, for what you desire
The process will go a lot smoother if you are familiar with your real estate market and narrow down your wants and needs before you start looking at houses. This gives you a good idea of what you can purchase in your price range, for what you desire
5. Preparing to Work with Real Estate Agents
Real estate agents represent buyers, sellers, or both. It’s essential to understand agent duties and loyalties before you make that first phone call
Real estate agents represent buyers, sellers, or both. It’s essential to understand agent duties and loyalties before you make that first phone call
6. The Great Home Search
The Internet is a great tool – you can spend endless hours searching the public version of the Multiple Listing Service website. You can also pick up House For Sale magazines and read classified ads in your local newspapers. You might even plan an afternoon drive to preview neighbourhoods. These are all excellent ways to see what’s available out there
The Internet is a great tool – you can spend endless hours searching the public version of the Multiple Listing Service website. You can also pick up House For Sale magazines and read classified ads in your local newspapers. You might even plan an afternoon drive to preview neighbourhoods. These are all excellent ways to see what’s available out there
7. Making the Offer
There’s no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so its important to speak with your realtor and mortgage advisor to fine-tune your offer and take care of all the contractual considerations. We at the Bob Hanscom Mortgage Agency will lead you every step of the way when it comes to preparing you for your purchase and working with you to arrange your mortgage after an offer has been made
There’s no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so its important to speak with your realtor and mortgage advisor to fine-tune your offer and take care of all the contractual considerations. We at the Bob Hanscom Mortgage Agency will lead you every step of the way when it comes to preparing you for your purchase and working with you to arrange your mortgage after an offer has been made
(Adapted from Source: HGTV.ca / http://www.hgtv.ca/articles/articledetails.aspx?ContentId=1916&cat=3&by=1)
