If you are serious about buying a home, you can become a power buyer, meaning taking control of the situation so you get the house you want and at the price that you want with little to no problems. After all, buying a home can be a long, hard process. With this being one of the most significant decisions of your life, you want to do all you can to make it a good experience. As you will discover, becoming a power buyer is not hard but does require you to take a few steps to success.
First, when it comes to the legal aspects of home buying, do not be naïve. This process involves a tremendous amount of documentation that can be difficult to understand. Therefore, if you have any questions or concerns that your real estate agent cannot address, talk to an attorney. Your goal in addition to getting a new home is protecting yourself.
Then, you want to look over your financial situation carefully. While you might qualify for a mortgage loan, you want to make sure you can afford the monthly payments and not end up upside down. For this, consider the source of your income, making sure your job is steady and sure. Check your credit history with all three credit reporting agencies, correcting any inaccurate information. Pay of longstanding debt, especially credit cards with high interest rates.
Next, think about working with a broker, someone that is knowledgeable and able to help you through the process. Then, you want to make sure you choose the right mortgage loan. Once the loan has been determined, we strongly recommend you become pre-approved, which means you have already been approved for the loan. This alone is a huge benefit in that when you present an offer to a seller, he or she knows that you have the money. In addition to giving you power to offer a lower price, it also gives you power in the offer being accepted.
Becoming a power buyer simply means learning all you can and doing all you can prior to shopping around for a new home. By educating yourself, you put yourself in the driver’s seat, which ultimately means a better deal or you!