| | | Before you start looking at homes for sale, be sure you do some "homework." Here are some of the questions for which you'll need answers: |
- Check out interest rates
What are current local mortgage interest rates for 15-year and 30-year fixed rate mortgages, and for 1-, 3- and 5-year adjustable rate mortgages
- Shop for the best loan
Which type of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase rapidly over the next few years?
- Determine how much house you can afford
How much of a mortgage can you qualify for? The loan amount plus your down payment tells you how much house you can afford.
- Investigate neighborhood prices
What neighborhoods feature homes in your price range?
- Separate needs from wants
What are your priorities for your next home? How important are public transportation, community facilities, on-street parking, lot size, privacy? How many bedrooms and baths will you need? Will you need a space for a home office? How important are quality neighborhood schools?
- Dig up your down payment
Know where your down payment cash will come from. If it's coming from stocks, go ahead and sell them. If Aunt Jessie is loaning the money, get it in hand so you are ready to go.
- Nail down your financing
It's tough to home shop if you don't know what you can afford. Together with a reputable lender, we can help you determine how much home you can afford and which loan program will maximize your buying power. By getting pre-approved for a loan, you'll be a better prospect in the seller's eyes.
- Take your time
Don't jump at the first home you see. Let us introduce you to different areas and home types to see what suits your needs the best.
- Do your homework
Once you've found the home you want, ask us to run a competitive market analysis of other homes that have recently sold, so you'll be able to make a sensible offer to purchase.
- Enjoy!
With expert assistance and a positive attitude, home shopping can be fun and rewarding. Contact us @ 916-709-0357
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