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Is the Current Timing Right for You to Buy a Home?

If we were all born with the inherent ability to see into the future, none of use would ever have to worry about any of our financial dealings, we would already know what was in store and we could choose whether or not we wished to proceed with a particular investment or not. Unfortunately, we do not have such powers, and must rely on our experience, knowledge and the sound advice of professionals and those with experience.

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The next best thing to a financial crystal ball is proper planning and research. Through proper planning, both first time homebuyers, and experts, can assure themselves that they have the best chance of successfully investing their hard earned capital. Having a good idea of what to expect of the realtors, mortgage and banking institutions, attorneys, insurers and sellers can save you, time, money and future savings.

Here in our Real Estate Learning Center you will find easy to understand suggestions to place you on the right track to buying your new home, and most importantly safeguarding your investment dollars in the process.

Honestly Ask Yourself How Much of an Investment You Can Safely Undertake Safely.
Understanding the relationship between your finances and happily owning your home, is one of the first steps to being properly prepared. Knowing exactly where the money for the down payment, closing and legal fees will be coming from is the first step. Second, is in knowing realistically what your income status will be over the course of a proposed mortgage, and exactly what the ongoing monthly commitment will be.

Note: First time home buyers need to be especially aware of mortgage lenders offering them terms and conditions that are not as easy to get out of as gotten into. No money down and sharing or absorbing the closing costs are just two of the recent mortgage options offered by enthusiastic lenders that in the long run, can undermine an investment.

Prospective Home Buyers Need to Decide What Type Of Property They Are Looking For.
Ask yourself what you need and want from your property investment. Are you looking to avoid the endless cycle of paying rent, or do you seek a better lifestyle and future? Are you relocating as part of a career move? Don't go home shopping without a list of reasonable parameters.

Whatever criteria you set, stick to it. Once you have a budget level in mind, know how much you have to put down, and what is going to be available to borrow. Do not jeopardize your real estate investment by over-reaching those pre-set boundaries.

Make Certain You Are Credit Worthy and Not Categorized as High Risk.
Whichever loan type and subsequent payments you think you can handle, you will need a good credit score to qualify to get them. If your credit is not currently in good standing, you should first work on getting it in order before applying for a mortgage. Having defaults, judgments and too many credit checks on your credit report will only serve to raise the interest rates and costs associated with the loan. Don't get started until you know what to expect when people check your credit.

Now that we have told you a few things to do, here are some things you should avoid while mortgaging a property:

  1. The Most Important Aspect to Focus on is the Type of Loan You Choose.
    Adjustable or Fixed Rate, money up-front or no money down, it won't matter which it is if the payments get out of your control. Lenders are very friendly when you first meet, but remember they will be knocking on your door if you fall behind on your payments, and do not avoid them if that is the case. Examine all the options and terms you have been offered and then pick the one loan that is most realistically going to work out in the end. Read the fine print, know what is expected of you if you choose to refinance or sell off early. Prepayment penalties can rob you of some of your expected gains and future investment opportunities.

  2. Never Assume That You Have Been Approved for the Financing You Need Without a Definite Commitment in Writing.
    After meeting and talking with a lender do not misconstrue pre-approved or pre-qualified with a loan commitment. You may think the process is almost over, and your dreams have been realized, but you're just getting started. Last minute credit checks, property appraisals, and a thorough examination of the title must all be in place first . If you are in a meeting with the seller, realtors or lenders, always ask for clarification of terms that may be ambiguous or unknown to you. Ignorance is not a bad thing, not asking questions is.

  3. You Do Not Build Great Credit By Accumulating too Much of It.
    Almost to the same degree that bad credit impacts your chances of securing a loan, too much credit can work also against you. Lenders are looking for sensible levels of commitment that show constraint, forethought and fiscal responsibility on the part of the prospective client. If you are over burdened with consumer debt, and your ability to earn or pay is affected, the lender will wonder how he will be reimbursed if you lose your job, get injured or can not pay for any reason. Never apply for or accept credit just prior to seeking home financing, wait until after you have a solid commitment.

  4. Always Provide Accurate and Truthful Information.
    During the vetting process, it is essential for your loan acceptance and longevity to be truthful. If it is later discovered that you have lied or misrepresented yourself, your assets or your credit worthiness, you could be asked to satisfy the full value of the loan immediately. To sum it up, don't lie on your mortgage application.

  5. Don't Avoid or Obstruct Requests for Appraisals And Inspections.
    Penny wise and dollar foolish should not be the axiom of the day when you are investing in real estate. What can be learned from property inspections and appraisals is in both the seller's and the buyer's best interest. A few hundred dollars spent wisely will go a long way to avoiding costly repairs or renovations after you've secured your mortgage.

  6. Don't Forget to Get Contractor's Credentials Checked Out.
    If you are building or re-modeling, never hire a contractor with out getting references and feedback first. Ask to see some of the work they have done in the past and be certain to ask the owners to substantiate any claims a contractor may make. Check with the better business bureau or the consumer affairs division of your local government. Find out if they pay their suppliers on time or have been sued by previous clients. Don't make the final payment until you have your certificate of occupancy and are happy with your home. Getting contractors to comeback to fix anything may cost you more than you think and make life in your new home miserable. Record all extras for time and material and never pay contractors in cash. Be sure there is always a paper trail to refer to if the need arises.
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