This page is for designed with you in mind when you need a little bit more information on little things that can seem like a lot to handle. Keep in mind; with a good realtor your worries will be put at ease! A new blog is posted every week so make sure to keep coming back.
I make sure to make myself accessible all the time, so if you have any questions never hesitate to contact me!
Pre-approval and Why Is It Important?
Once you have decided to purchase a new home, the next logical step is to obtain a mortgage pre-approval. There are numerous reasons for this:
1. It's a time saver - By knowing exactly how much you can afford and what your mortgage will cost you on a monthly basis, you can make a much more informed choice. Your Realtor will also be able to better focus your search, so you don't waste time looking at homes that are priced either too high or too low.
2. It puts you in a stronger negotiating position - Knowing your potential mortgage details ensures that you are taken more seriously by the sellers than someone who has not attained a pre-approval. This becomes especially important in a competing offer situation, which is not uncommon in our market.
3. Security - Mortgage rates can be volatile, and finding the right home takes time; you could see a change in what the lenders are offering both in their terms and in rates. Having a pre-approval means that you retain the lower rate if rates rise, and you also benefit from the lower rates should they fall - it's a win-win!
There are many, many options when it comes to deciding where to get your mortgage preapproval; a good Realtor is an excellent resource when deciding whether to go to one of the big banks, a smaller credit union, or a mortgage agent. Put yourself in the best possible position right off the bat: Mortgage pre-approval just makes sense!
I want to put in an offer - What's next?
Once you’ve found the perfect place to call home, the next step is putting in an offer! This is one of the most nerve wracking parts of buying your new home and having a patient, thorough Realtor ensures that you have someone to answer all your questions and lead you through the process. An offer consists of three key elements:
1) How much you are willing to pay. You will need to decide how much of an initial deposit to put down, whether to offer or agree to an additional deposit, and how much financing you are getting from a bank.
2) What attached and/or unattached goods are to be included or in the purchase.
3) What conditions will need to be met before the transaction becomes firm. Some examples of variables requiring conditions are:
- Is this purchase dependant on the sale of your current home?
- Will you have property inspection done by a qualified home inspector?
- Are you able to obtain financing with acceptable terms and rate?
-Will you be reviewing condominium documents (if applicable) yourself, or have them reviewed by a professional?
There are many important points that need to be addressed in a well drafted offer. Failure to address any one of these points can be costly at best and potentially ruinous at worst. The knowledge and experience of a great Realtor can save you more than just time and money, it can give you piece of mind that everything is taken care of and done right, so you can focus on the excitement of moving into your new home!!