There are many things to think about prior to starting the home-buying process
Following are several tips that may help in building a plan:
1. If you are not really planning on staying in the same place for at least a few years, then this most likely isn’t a good time for you to invest in a home. The transaction costs involved in the transfer of property are certainly not cheap, therefore the less time you own your home, the greater you risk losing profits should you sell. This may happen even during a rising market, and is a lot more possible in a regressing market.
2. Before you start shopping for residences, get pre-approved. That will keep you from considering residences you can’t afford, and definately will put you in a situation to be able to take action once you discover a house that is perfect for you. Do not confuse pre-approval with pre-qualification, as this is mainly based on a less-thorough look at your circumstances. A loan provider pre-approval is determined by your real income, financial debt and credit. Your mortgage company will also be able to help you with the following 4 guidelines listed below.