Buying a home will most likely be the largest and most important financial transaction of your life. There are a number of basic things you should know about the home buying process that can help you avoid potentially serious financial problems:
Get Pre-approved for a mortgage before you even look at a house: Going to a mortgage professional and getting a pre-approval for a loan will do a lot to avoid problems during the buying process. Doing this before you look at houses will allow you to discover any potential problems with your credit, income verification or asset verification, it will show you exactly what you will need to come up with for a down payment, and it will show the listing Realtors and Sellers that you are a serious and qualified buyer. Contact a local mortgage company to get pre-approved for a loan.
Get a Home Inspection: Once you have settled on a house, make sure that you have a licensed and reputable local home inspection company check out the house. This will allow you to discover any problems with the house prior to closing. Home inspections uncover problems with the roof, foundation, plumbing, wiring, etc. that can cause you serious financial hardships after closing. If the inspection points out issues with the house, you can go back to the Sellers and ask for a repair allowance, a price reduction or ask that the reparis be made at their expense prior to closing.
Get an exact insurance quote: The amount of the insurance will affect your monthly mortgage payment which affects your debt-to-income ratio. This ratio is important to your loan officer because it must fall within a certain range to meet loan approval requirements. Get a quote from a local and reputable insurance agent during the loan pre-approval process and make sure your loan officer is aware of it. Homeowners insurance quotes are fairly quick and easy to get.
Sponsored by Affordable Homes Oklahoma
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