What You Should Know About Buying Your First Home.
When it comes to making big decisions, buying a home is one of them and you cannot afford to make the wrong choice. However, given how a big deal it is, you need to do your research well before moving forward to avoid making a mistake. If you are not going to pay cash for the house, you ought to make sure that you do all the right things to show the financial institutions that you are worthy of getting a loan. Make sure your money is not circulating a lot 6 months before you apply for a loan. The lender, as well as the seller, want assurance that you can keep your money in the account for some time because they do not want to sell a house to you then clear your bank account the next day.
It is very crucial that you make a decision on the property to buy after your loan has been approved. Having a stellar credit score and being pre-qualified for a loan does not mean that you will get it when you need it. The great thing about pre-approval of loan is that you will already have information on what the lender thinks about your creditworthiness and the definite amount you can get from them should you want a loan. You will not be disappointed because at the back of your mind you will know what you can afford and what you cannot.
You do not want to be buying a house that is already in dispute in terms of the border and this is great news. Before you buy a house, get a land surveyor and work with him or her in establishing the history of the property you will be buying. This may take you a long time as well as some money but it is worth it given the alternative is spending a lot of time battling with neighbors on where the property borders are.People kill each other over border disputes and it is not something you should live to chance.
Land deals come up from time to time but this is not something you should be relying on to decide on what property to buy especially if you are looking to buy a residential property because the competition is high. Unless you are assured of getting the deal at a certain time, you should not forgo great homes with the illusion that your great deal is on the way especially if you want to buy home without agent. Also, unless going remote is your deal breaker, do not forgo small homes in great places in favor of big ones in a not-so-good place.