Where would you like to live?
Uncertain of what you really desire? Is it a luxurious mansion close to the noise of the city, single-family home in the suburbs, or maybe a spectacular condo in the town’s heart skyscraper? We’re always at your service, happy to assist you with making one of the biggest decisions in your life. Presented below are our tips about what you should deliberate when searching for a new home.
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Your preferred lifestyle
When choosing a new place to live, don’t forget to take into consideration not only the housing but also the surroundings. Thinking about a bigger picture is rather an exception than a rule in case of the first-time encounter with real estate which is the primary mistake clients make entering this unfamiliar business. It’s quite possible that your lifestyle means you should think beyond the typical single-family home when the time comes to buy your first place.
For example, if you’re a first-time buyer who’s thinking about renting out part of your new home to help pay the mortgage, then you should look at duplexes or other multi-family units. If you plan to live in the unit yourself, you can finance it as your own property, get the same homeowners’ insurance rates as owner-occupiers receive, and maintain a separate space to rent.
There are also condos and apartments, new construction and prefabricated homes, and many other options that might be a better fit for you than a prebuilt single-family home. If you need help figuring out what’s available and what’s a good fit, talk to a real estate agent, who can walk you through the common opportunities in your area and help you pick one or two that fit your lifestyle best.
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Your priorities
It’s time to start wondering about the foreground in your life and what you truly need in closest proximity to your new place. Do you hate cooking? Find a place with restaurants near you. Are you a fan of physical activity? Search for a house with multiple gyms close. This kind of thinking will enable you to discover a veritably ideal area for you.
If you started this process six months ago and haven’t really looked at the listings in the interim, then do yourself a favor and ask your real estate agent to set you up with a personalized feed from your local multiple listing service, and then have your agent walk you through the market realities today. You’ll want to know that most buyers are paying 5 percent above asking price (or 5 percent below it) if that’s what’s happening so that you can make an educated and intelligent offer when the time comes.
Your plans
Where do you see yourself in five years? This question sounds like a job interview but it’s useful in case of house hunting. Do you want to start a family, develop your top-notch office career, or maybe work remotely? The answer will affect your choice so give it some thought.
A neighborhood that’s perfect for you today might be not-so-perfect in five or ten years as people move in and out and the landscape changes. So it’s smart to get an idea of what the neighborhood is like today -- and to spend some time trying to predict where it might go in the future.
How to find the right mortgage lender?
Don’t worry about your finances, choose the professionals who’ll take care of them.
You’re just starting your search to purchase a new house - this is an exciting time! Before you schedule your first home tour, getting prequalified for a mortgage is an important first step. You don’t have to think about it on your own - we’re here to help you.
Having years of experience on the market, we’ve learned how important a trustworthy mortgage lender is during your real estate journey. Put your faith in a leading lender awarded for the exquisite customer service and appreciated for the competitive offers. Choose the business that pair knowledge, individual approach, and integrity, taking care of the most satisfactory results for you.
Here’s a checklist to get you on your way to buying the home of your dreams before you decide on the professional with whom you want to work with.
- Personal documents
You’ll need two forms of government-issued ID, your social security number, divorce papers if applicable, as well as proof of ownership of other property. - Review your credit report
You should be able to do this free of charge. Be sure to dispute any errors or provide an explanation for late payments or derogatory items. Then, keep your credit score healthy by avoiding any new credit inquiries, canceling any credit accounts, or lowering limits with any creditors. Doing any of these things could lower your credit score. - Tax returns
You’ll need to provide tax returns for the previous year, and potentially for the last two years. - Proof of income
Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof children’s ages), or government assistance. - Proof of assets
Provide bank statements, mutual fund statements, account balances for retirement accounts, 401Ks, IRAs, and any money held in the stock market. - Debt summary
You’ll need to provide a summary of your debts, monthly payment amounts, child support payments and balances for credit cards, student loans, car loans, other property loans. - Financial issues
You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past. - Down payment and closing money ready
Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the gifter explaining the gift is not a loan. - Renting
Compile proof for the past year with canceled checks or money orders to show rent was paid on time. - Mortgage pre-approval successful
Do some comparison shopping and contact other lenders. A home is likely the largest purchase you’ll ever make, do your homework to ensure you get a competitive deal.
Applying for your first mortgage? Get in touch with us! We’d be happy to walk you through the process and help you find the mortgage lender you can trust.
