Home ownership is one of the biggest financial decisions most families will ever make, so before beginning the process it’s essential that you know why you want to buy.
As part of your first step towards house hunting, getting pre-approved for a mortgage will allow you to determine what home you can afford while providing sellers with confidence that you’re serious buyer.
Pre-approval is one of the key steps in home buying, helping you figure out your budget and showing sellers you’re serious buyers. Plus, getting pre-approved will make the experience more pleasant by eliminating surprises down the line!
As soon as you begin exploring purchasing a house, it is advisable to get pre-approved for a mortgage. You can do this either in-person with a loan officer or through an online application, both methods require information regarding income, assets, and debts so your lender can give an accurate assessment of what mortgage amount would suit your budget best. Getting pre-approved will save both time and stress in the long run by eliminating wasted hours spent looking at homes that fall outside your price range.
Pre-approval letters should be part of your offer when purchasing a home. They provide documentation from lenders outlining how much of a loan you qualify to borrow; typically this pre-approval lasts 60 to 90 days depending on which lender issuer, after which time updated paperwork and credit pull may be necessary to maintain pre-approval status.
Pre-approval letters can be significantly more beneficial than pre-qualification letters, as pre-qualification only relies on verbal information you provide the lender and does not conduct as in-depth a credit history analysis as getting pre-approved would. Achieving pre-approval requires more extensive analysis as well as submittal of paperwork and documents before final approval can be granted by your lender’s underwriters.
Real estate agents typically require buyers to present a pre-approval letter before showing them houses, in order to avoid wasting your time with houses that exceed your budget. Plus, having this pre-approved letter gives buyers more credibility as buyers. And you can include this document when making offers – helping make you stand out among other potential homebuyers!
Finding Your Dream Home
As you search for your dream home, you may have a list of criteria in mind for an ideal residence. While some items might be deal-breakers, being flexible with others is key in order to find a property that’s suitable to both you and your lifestyle. For instance, if raising children is key for you, prioritizing safety over other considerations might be wiser.
Moore offers much more than good schools and low living costs – it is also an ideal location for young professionals and families alike. Moore is conveniently situated between Oklahoma City, South OKC and Norman – creating economic opportunity, educational success and cultural enrichment – all within its quaint atmosphere and affordable housing. Farmers markets, festivals, parks and local farmers markets make Moore an enjoyable place for play and relaxation; live theater performances, music venues and exciting activities such as Andy Alligator’s Fun Park or Urban Air Trampoline Park provide entertainment.
Negotiating the Offer
Once you’ve found the home of your dreams, making an offer should be easy and efficient. Your real estate agent can help you determine a fair price through research of comparable homes in the area (known as “comps”). In addition, their negotiating skills may convince the seller that your offer is more desirable by showing how much the house has appreciated over time ( if applicable).
Your agent can help you assess how much room there is for negotiation in your local market, which could depend on whether or not it’s hot. In a hot market, however, your options for asking the seller to reduce price or make repairs will likely be more limited; but your agent may find ways to sweeten the deal by paying closing costs or home warranties as part of a package deal.
Introduce yourself as an individual rather than simply another buyer. Share why the property appeals to you–perhaps your children playing in its expansive yard or your dog running free in its spacious back garden? A connection can go far, but avoid sounding desperate as this may give the impression that you’re out only to take over their home.
When receiving a counteroffer, be sure to respond quickly. Waiting could give another buyer an opportunity to jump in with an offer before you do and extends the window for seller cancellation for reasons they might not have disclosed up front.
If the seller refuses to negotiate on price, consider increasing your earnest money deposit – usually one to two percent of the sales price – which shows your commitment and shows more skin in the game if they have financial issues. Furthermore, reduce any contingencies within your contract which might give the seller room for backout if things go sour during negotiations.
Closing the Deal
Once a contract is accepted, you’ll select a real estate firm to process the closing documents. You may also wish to perform an inspection and appraisal to identify any necessary repairs – this provides a perfect opportunity to discuss any questions or voice any concerns with your realtor.
Home buying can be one of the biggest financial decisions you’ll make in your lifetime, so being informed and having an expert team on your side is of great significance. Our experts will walk you through each step and answer any queries along the way.
At our agency, we pride ourselves on delivering top-tier service. Our agents have years of experience helping families just like yours find their dream homes – be it their first or a subsequent investment property – at great value for money.
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Data Last Updated on: 7/14/2023 This data comes from various sources and may change over time, therefore not representing all available properties in the marketplace. Our system automatically updates daily with any activity in the market.