Buying a home is the biggest investment you'll ever make.

               Understanding The Home Buying Process - Connecticut Mortgages Made Simple

• Looking for a home without being pre-approved is a big mistake, start off on the right foot.

  When you start looking for a home you first must know what you can afford to buy, most Realtors® will not even book appointments with you to view homes with a minimum of a Pre- Qualification from a lender. Many lenders will provide a simple Pre-Qualification which carries very little weight. During the pre-qualification process, a loan officer asks you a few questions, then hands you a what is referred to as "pre-qual" letter.   The pre-approval process is much more thorough. The pre-approval process is much more thorough. During the pre-approval process, the mortgage consultant  does virtually all the work associated with obtaining full-approval. You will provide personal information such as income,bank account statements, any retirement statements,pay stubs, tax returns etc. The mortgage consultant then will run a full credit report and process the entire package through what is called a decision engine. This will provide the mortgage consultant a approval or denial. With an approval you are now ready shop for your home, the mortgage consultant will provide you with a written letter of Pre-Approval which tells sellers that you are a serious buyer and already have been pre-approved to buy their home pending appraisal and final review from an underwriter.When you're pre-approved, you have much more negotiating clout with the seller. In some cases (multiple offers, for example), being pre-approved can make the difference between buying and not buying a home. Also, you may save thousands of dollars as a result of being in a better negotiating situation  

• Get It In Writing - Making oral agreements are a No No.

  Don't sign any written documents that are contrary to their verbal commitments.For example, if the seller says the stove will come with the home, but the contracti says it will not -- the written contract will override the verbal contract. In fact, written contracts almost always override verbal contracts. When buying or selling real estate, abide by this maxim: Get it in writing! This is why I always recommend using a Realtor® they will make sure your contract includes all the items you have agreed upon.

• Don't just choose a lender because they have the lowest rate.  Dig Deeper and you may find out what seems too good to be true is too good to be true in most cases!

  While rate is important, you have to consider the overall cost of your loan. Pay close attention to the APR, and lender fees, sometimes referred to as junk fees. While all lender have costs associated with closing a loan many times you might find a lender with a great rate, you shopped and you were getting rates of 6.5%-6.75% and all of a sudden you get a rate of 5.875%! WOW you might say I struck GOLD! Not so fast, ask yourself why is this such a good deal? Many times borrowers will think they asked the right questions and got a straight forward answer, most of the time it's not so. Let's say all the lenders you called quoted you that 6.5%-6.75% rate with NO Points and then you get 5.875% No Points from that great guy just waiting to give you the deal of a life time, what a heck of a guy...You go with this great bargain only to find out that he told the truth No Points, but then you get to closing to find out 2% origination fee, 1% broker fee etc. and a 3 year pre-pay penalty. What has happened here was that great guy charged you 3 Points and called it something else and slipped in a 3 year pre-pay penalty.This difference in the way points are sometime quoted is important to you. One lender will quote all points, while another lender may disclose an extra point, or fraction thereof, at a later time--an unwelcome surprise.

  Within 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs If they do not, they can be fined under certain federal laws.

  The cost of the mortgage, however, shouldn't be your only criteria. You must also feel comfortable that the loan officer you are dealing with is committed to your best interests and will deliver what they promise.

• Shopping for a mortgage rate.

  There are two types of mortgage rates - quoted rates and real rates. Which would you like? Would you like the lowest rate or the lowest rate over time. There are approximately 26 things that go into determining the best rate and cost for you. Anyone can quote you a low rate but at what cost? My job as a Professional Mortgage Consultant is to listen to your long and short term goals and help guide you to the best programs to meet your situation. The lowest rate may come with the biggest overall cost. Many time lenders will hide costs or put in a fee or even add a pre-pay penalty to give you a lower rate. Get a honest rate and mortgage consultation.

• Get your Locked Rate In Writing!

  When a mortgage company tells you they have locked your rate, get a written statement detailing the interesti ratei, the length of the rate lock, and other particulars about the program.

• Using a dual agent (an agent who works for both the seller and buyer) may not be the best route to take.

  The way I see this is the buyers and sellers have opposing interests. Sellers want to get the highest price, buyers want to pay the lowest price. In many situations, dual agents cannot be fair to both buyer and seller. Since the seller usually pays the commission, the dual agent may negotiate harder for the sellers than for the buyers. Keep in mind that the sellers agent was hired to sell the property and are working with the sellers best interest in mind. There are many cases where a dual agent works out just fine but I would not hire an attorney that was working for the same person I have a law suite against to represent me in that law suite. This is not to say that if a Realtor® you are working with has a listing they think you would love that it will not work out, just proceed with caution. One thing I would truly avoid is calling a agent from a yard sign about that particular property.

(know I might get some negative feedback from Realtors® due to that good old fashion double dip)

• Get a professional inspections. Taking the seller's word that repairs have been made.

  What a BIG MISTAKE not to get a home inspection! Get a home inspection, even on a new home, yes, a new home. Who's to say if the builder cut a corner and the building inspectors missed it. A home report will give you a better picture of what you're buying. Inspection reports are great negotiating tools when it comes to asking the seller to make repairs. If a professional home inspector states that certain repairs need to be made, the seller is more likely to agree to making them.

  Do not assume that everything will be done as promised - If the seller agrees to make repairs, have your inspector verify the completed work prior to closing.

• Shop For Home Owners Insurance Early.

  Start shopping for insurance as soon as you have an accepted offer on your home. Many time buyers wait until the last minute to get insurance and pay a much higher price than maybe they could have, waiting for the last minute may cost you $$$ shop early. Start with your automobile insurance carrier, usually they give home & auto discount package.

• Know what you are signing at closing 

  Do not sign documents in a hurry. Review with your closing agent the documents you'll be signing at closing including all loan documents, if you have questions ask, make sure everything you sign you understand.Do not expect to read all the documents during the closing, your closing agent should have already done so, ask questions make sure you are getting what you were told.. .

• Making moving plans that don't work.

  Let's say you expect to move out of your current residence on Friday and into your new residence over the weekend. Also on Friday, your lease terminates and the movers are scheduled.
Friday morning arrives: bags packed, boxes stacked, children under arm and the dog on a leash; you're sitting on your front door stoop awaiting the arrival of the movers.

  Your phone rings you head inside, oh no. Your loan closing is delayed until the following Tuesday but as you look outside the new tenants turn into your driveway with a weighted-down moving truck as your movers pull up across the street.

  Closing on a home with back to back closings on the same day is not always easy, if there is a delay from one of the parties the whole chain of moving can be disrupted. Be pre-pared incase there is a delay, if there is a delay it may not be to your liking and the world may seem to be coming to a end but I assure you it's not and there are people in this world far worse off in their lives than you having to move a couple of days later than expected. No one is perfect though we all try to stay the course.

 I hope you find these tips helpful   http://www.leolends.com