Life seems to roll by faster...faster than ever before, heck microwaves and computers sometimes are not fast enough. Because our lives move so rapidly we sometime make quick decisions and in the long run end up costing us our time, energy and money. It's those occasions where you wish that you could go back in time.
One of these occasions I am talking about is when a buyer obtains their home buying support team and fails to do their research.
When I say buyer support team...I mean financing, their Realtor, inspectors etc, etc.
Regardless of what you might think you as a buyer need a support team. A strong support team and it starts with the financing.
Often times we seem to skim right over that...and to think it's the most vital part of the transaction...after-all without money there is a good chance you aren't buying.
Take these tips first before looking for your real estate professional
1. Consult with a few mortgage people before making a decision, that's right, see if you are going to click, their response time to you and how they answer your questions.
I don't mean best friends but make sure if they open their mouth that you are going to listen.
Your mortgage person is going to know things about you that you would never reveal to anyone else. Your financial situation so make sure and trust this person, not only the person but the company as well.
2. Have the mortgage person explain everything to you. Often times there is fine print on agreements and documents that you sign. It's important to realize that fine print is there for a reason. Take the time and read it and ask questions if you don't understand something. While it might save other's time, by not reading it could end up costing you big $$$$$$$$$$$$$$.
3. Don't worry so much about the price of the home that you are going to buy, focus on the monthly mortgage payment that you are comfortable with and think about your obligation and your ability to repay the loan for the next 15-30 years.
4. Remember that monthly payments are divided into 4 parts, Principal, Interest, Taxes and Insurance.
A professional financial adviser should provide this information to you once they have determined which loan program is right for you. Keep in mind it is an estimate.
5. A good faith estimate is a vital piece of information, it makes perfect sense to have your real estate professional look at it.
There is a breakdown on the monthly payment, your loan amount and the costs to you. If there are any seller concessions you may need.....its usually listed there.
6. Mortgage guidelines have changed so much and realize many zip codes in Daytona Beach are considered declining market.
What that means to you that their is a good chance you will have to have a least 5% down of the purchase price of your new home. Does not apply to FHA and VA loans.
7. Once approved for a loan ask your adviser for a copy of your loan approval..you will need that once you start shopping for a home.
Now with Loan approval and good faith estimate in hand, find the right real estate professional to assist in your home buying purchase. Call Midori Miller of CENTURY 21 Sundance Realty, I'd love the opportunity to be part of your buying support team.
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller AKA The Daytona Real Estate Trainer and CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.