Should you find a house to buy and then try to get a mortgage? Or is it better to get a mortgage for a set amount and then go house shopping? We're going to look at this dilemma that home buyers face so that you can get a little help and avoid a lot of headaches and hassles on your journey to owning your own home.
The best advice to follow is to get approval for a mortgage BEFORE you begin your search for a home. While it's nice to dream about being able to afford any property in the world, the reality is that you're going to have a finite set of options when it comes to where you live. This depends mainly on your credit score, how much money you can put down on the house and various other factors.
The Best Mortgage Process
Here's a look at the best way to go about getting the perfect mortgage for your dream home.
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Get Pre-Approved - Doing the actual paperwork and credit checks with a mortgage specialist can give you a concrete idea about how much you're going to be able to afford when buying a house. This takes time, but the process can save you a lot of heartache when you find a great home and find out you can't afford the monthly payments.
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Go House Hunting - The good news is that if you know your exact price range, you're going to have a much easier time hunting for a house. Instead of wasting your time looking at houses out of your reach financially, you can concentrate on those that are in your price range. This can cut down on the amount of time you have to spend searching for a perfect place to live.
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Thank Your Mortgage Specialist - This isn't required, of course, but it can be a good thing to do if someone helps you fill out all the mortgage paperwork and get your credit rating approved for a loan before you go house hunting. A thank you card or flowers are both nice ways to let someone know you appreciate the hard work they put in finding you your dream house.
If you're in the market for buying a home, the process is simple when you do everything in the right order. While you may want to rush out and start looking at houses and condos, it's much better to do the work before you start your search so that you don't waste any time. If you have any tips for buying a home, leave a comment below and share your wisdom.
Bio:
Jeremiah enjoys listening to classical music when he's looking up current mortgage rates in Virginia on the Internet. When not looking at current real estate data, he enjoys writing guest posts on various blogs and websites so he can help people make better decisions.