House Hunting: 5 Tips to help with the Homebuying Process

House Hunting: 5 Tips to help with the Homebuying Process

There are so many options when you start the house hunting process. It can be overwhelming!

Here are a few house hunting tips to help make the process a bit easier:

1)  Get Pre-approved

First of all, the #1 thing in home buying is that you need to know how much you can afford before you go house hunting.

This saves grief and frustration from looking at homes that are beyond the reach of your budget. In addition, it also puts you in a better position when making a serious offer.

There is a difference between being pre-qualified and pre-approved.

When you are pre-qualified, a mortgage broker looks at the general overview of your income and net worth to determine what you can afford.

When you are pre-approved, it means that a credit bureau has been pulled, and a lender pre-approves you on a fixed rate.

A pre-approval secures you a fixed rate for the next 90-120 days depending on the lender.

This is great thing to do in case rates increase during your home shopping and the added bonus is that if rates drop you have access to these lower rates.

 

2) Do your research

The internet offers buyers easy access to home listings online. Therefore, check out different neighbourhoods, schools in the area, access to major roadways and distances for the work commute.

 

3) Seek the help from a Professional Realtor

Many of us are strapped for time so enlist in the help of a realtor. They are professionals in this area and can help sort  through the hundreds of listings to match your needs & wants. Many realtors have exclusive listings to properties as well.

 

4) Get a home inspection

A home inspection can inform you of any necessary repairs and above all,  you can use this to negotiate the closing price. It can give a better view if the home you are looking to purchase is a lemon.

 

5) Be prepared for the closing costs.

Contact your lawyer and get an estimate of their costs. It is important that you have enough saved in your budget to pay for the added costs of purchasing a home.

 

Require more information or making an offer? If so, contact Jacqueline Jeffries at 780.220.5968 or info@jacquelinemortgages.com.