Important Actions To Take PRIOR To Purchasing Your First House
Are you tired of renting and are considering buying your first home? There are so many advantages to buying over renting, that much is for sure, but it's clearly not a decision you should make lightly. Our mortgage company at the Lake of the Ozarks wants to make sure you are prepared! Keep reading this week's blog for a few important actions to take prior to purchasing your first home. If you would like to sit down with one of our mortgage professionals at the Lake of the Ozarks and get a few questions you've really wanted to ask answered, please call MHQ - Mortgage Headquarters today. We can be reached at (573) 302-9990.
Important Actions To Take PRIOR To Purchasing Your First House
MEET WITH AN EXPERIENCED MORTGAGE LENDER SO YOU CAN HAVE A FULL UNDERSTANDING OF HOW THE HOME LOAN PROCESS WORKS AHEAD OF TIME.
This is a time when the Internet doesn’t have all the answers. The process varies for many reasons, including area and custom. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.
GET PRE-APPROVED.
The pre-approval process, which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you. You'll also want to look at the overall budget of the home and your other expenses and really determine if it's something you can truly afford.
ASK YOURSELF WHERE YOU WANT TO LIVE FOR THE NEXT 5-10 YEARS OR EVEN LONGER.
You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.
GET A FIRM GRASP OF WHAT CLOSING COSTS ARE.
"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs. Knowing how much cash you'll need to close and, ideally, consolidating those funds into one account will help to prevent stress and ease the process later. Many items can factor into closing costs, such as titling fees, surveys, appraisal cost, various taxes, etc. Your lender and/or title company will provide you with a list of closing costs.
Ready To Be A First-Time Homeowner?
If so, it's important that you have a mortgage lender you can count on to answer your questions promptly and walk you through the entire process every step of the way. MHQ - Mortgage Headquarters is here for you! Please give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements and mortgage tips.
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