Buying a Home - What You Need to Know

Buying a home can be one of your most exciting experiences and at the same time one of the biggest decisions you’ll ever make. That is why it is always important and handy to have the facts on your side. The age of the average homebuyer has fluctuated greatly over the past thirty or forty years and now young adults are even scoping out their new digs. Buying a home should be an enjoyable experience if you have your information lines out and are ready to do some legwork.

Do Your Research

It is always easier to find a home that you want to purchase if you know what it is that you are looking for. Take the time to look at the market and see what is available. Looking at your current market can alleviate some of the stress associated with searching for a home. When researching you want to look at what type of home your funds could buy, how prices vary across locations, and what options you have overall. You should pay close attention to the ups and downs of the market around the time that you are looking to buy.

Budget is Crucial

This is a crucial juncture that some people overlook at first. Before you ever start looking for a home, the first step is to discover what sort of loans you are eligible for, what rates you can qualify for, and what sort of monthly payment you can afford. This helps make a huge difference in your overall budget, and rule out homes outside of your budget by helping you know how much you can spend on a home. Your budget will greatly affect what type of home you can buy. FHA loans, standard loans, and low-income loans will also affect which homes are available to you.

Know Your Lender

Your lender is surprisingly important in every part of your home search, not just for financing. Knowing which type of homes your lender generally loans on and what overall cost you may be facing can certainly sway the direction of your house hunt. Your lender is a big part of any home buying process and will play a large role in the eventual outcome of your home search. There are a few different factors that you should look for in a great lender, the first being the notoriety of the lender.

Another characteristic of a great lender is dedicated loan officers. If you end up doing all the work, you do not have a good lender on your hands. You want a lender that is going to have a loan officer that can help you through the process. It can be very helpful to sit down with different lenders so you can see just what each has to offer and how they would handle your business.

At Homeowners Mortgage, our team of dedicated loan officers is ready to help you buy the home of your dreams. Contact us today to find out how we can help! 

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