How long can it take to close my loan?
Everyone’s wish is for you to get your mortgage ready as soon as possible. In general, things such as the title work, assessment, or the conditions you provide tend to prolong the process. We try to get the title work and appraisal in order in the shortest time possible to ensure that your loan does not delay and that you meet the date you scheduled with the seller.
Is it right to find a home before making a mortgage request?
Wrong move! Avoid getting emotionally attached to a property you cannot afford. When you apply for a mortgage before looking for a property, you will have a clear picture of how much home you will be looking for, in terms of budget. Additionally, you will get a prequalification to prove to real estate brokers and home sellers that you are an approved home buyer. Having a prequalification gives you extra weight for any purchase offer you make.
Should I use an agent to buy my house?
Being a first time home buyer, you might be torn between buying on your own or using an agent to help you find and buy a home. There is no casted law set to stop anyone from acquiring property without professional help. You can look for homes, set dates, or even negotiate individually. However, there are some localities where you will be required to get an attorney for the actual contract.
Most first time home buyers avoid getting the help of an agent to avoid paying a commission. That is never the case because the seller settles the commission for the sale of a property. In that case, some sellers choose not to use a real estate expert when selling their houses, thinking that they will get more by avoiding commission.
How do I avoid overpayment?
- Check the condition of the house and the locality- ensure that you have checked for any faults or significant problems in the house before you make any offer. Do a sound inspection of the home, ask both the sales agent and the seller the state of the basic systems.
- Know the local market prices- ask your mortgage advisor to compare different prices. You can equally do research and compare your offer with the trending market prices. Compare homes that are currently on sale, under contract, and the transactions done in the past couple of months.