If you are a first-time homebuyer, then it is uneasy to find the best mortgage broker to purchase a new house. However, buying a home for the first time is an extensive financial decision of our life.
Finding the best deal requires a lot of time and effort. So, you have to do a lot of research to find one. Below we are going to show you ten simple steps that make your home buying process manageable and help you to make a better decision.
Firstly, you have to start researching as soon as possible. You can read newspapers, websites and magazines having estate listings. Try to create a list of one of the best homes and watch how long they stay in the market.
Moreover, keep in mind to add prices in the list. Creating a record will let you know house trends in specific areas.
2. Find out how much you can afford.
If you are planning to make a 20% down payment, then make sure to find a house whose cost is not more than 3-5 times your annual household income. Keep in mind that you have to use your affordability calculator to see how much you can afford before determining a property.
3. Get pre-qualified.
Getting pre-qualified for your mortgage is the best way to know how much you can spend before you start looking for a new home. However, you have to provide your financial documents such as income assets, savings and investment to your mortgage broker to begin the pre-qualification process.
Further, brokers will deliver this information to your lender. With this data, lenders will let you know how much we can lend you. Lastly, you have to submit your documents like paycheck stubs and bank statements to your lender to get a pre-approval for credit.
4. Hire a best real estate agent.
Finding the best real estate real agent is one of the vital steps in buying or selling a home. Their work is to provide you with every helpful information on homes. However, these agents are highly expertise in the home buying process and negotiating skills that will help you get the best deal. Most importantly, consult with a professional Aurora mortgage broker to know the beast deals for you if you are looking for a home in Aurora location.
Moreover, the most vital thing is that they do not cost you anything because they get a commission through lenders.
5. Make an offer
It is helpful to create a list of all the homes you visit to find a house in your price range. However, try to take pictures and videos to remember each property because confusion will create after viewing a lot of homes in a day.
Make sure to hire a real estate agent to find the best offer because they will negotiate on your behalf. Further, the house will go into escrow after your agreement reaches on a price.
6. Get a home inspection.
The home inspection is a vital process after making an offer. However, the home inspection will let you know any structural damage in your house. After a few days of getting the desk done, your mortgage broker will arrange this inspection.
If a home inspection finds any material damage, then you can renegotiate your offer or withdraw it without penalty.
7. Select your loan with a mortgage broker
Lenders have a wide range of loan programs that create confusion which one is best for you. A mortgage broker will assist you properly and make this process easier. However, a mortgage broker will understand your priorities and financial needs to find the best loan program for you.
8. Home appraiser
Lenders will offer you a home appraiser that helps you to determine the estimated value of the house you are purchasing. However, the appraiser is not associated with a lender but is a member of a third-party company.
Moreover, a home appraiser will let you know that you are paying a fair price for the home.
As we all know, buying a house involves a lot of paperwork. A mortgage broker will handle all your paperwork and make sure that the seller is the rightful owner of the home you are purchasing.
10. Close the deal
Closing the deal is the last step of a house buying process. You have to sign all the documents to complete the purchase. However, after your paperwork returns to the lender, it takes a few days for your loan to fund. Now you are ready to enter into your new house after giving the check to the seller.
So here are the vital steps of buying your dream house. However, following these steps carefully will make the house buying process manageable. Therefore, hire a mortgage broker to get the best deal and save your time and money in purchasing a new property.