Are you looking to purchase a home in? If you have read other post in this blog, you know that buying a home can be an exhausting process. Follow these steps to buying a house in Papillion Nebraska to make the home buying process much smoother.
#5 – Talk with a local mortgage lender
We are a bit biased on this point, but talking to a local mortgage lender is the very first step to buying a home. Talking with a local lender gives you an idea of what you can afford. A good loan officer will give you an idea of cash needed to close (a local loan officer will understand local taxes and insurance). Even if you are just in the very early stages of home buying, a phone conversation or face-to-face meeting with a local mortgage lender will give you a good idea of what you will need for cash to close and what size of house you can afford. Doing this before yo start looking at homes also means you can narrow your search to just houses in your budget.
#4 – Run your application and gather your documents
It is at this point you should run a complete application and provide you mortgage lender will all required documentation. While it can sometimes be a pain to dig out all of your income and asset documentation, getting that to a lender early will make sure there are no problems or surprises after you find your home. Another hesitation of potential buyers is running the credit too early, but running your credit with a mortgage lender is very different than running it for a credit card or installment loan. The affect on your credit is much less with a mortgage credit report and it is important to know exactly where you are at as early as possible.
#3 – Start talking with a realtor
Contact a realtor as soon in the process as possible. A good realtor will understand the stage you are at in the home buying process and guide you appropriately. We can let the realtor know your timeline so they can offer the proper advice.
I think the hesitation to contact a realtor or lender is the fear of getting “the hard sell”. I admit this is a common tactic in real estate. It is important to talk with a lender and realtor who listens to your needs. But how do you find a realtor or lender who is not the high pressure salesman? Separating the consultant from the salesman can be difficult, but, in my opinion, avoid online advertising. The reason for this is the real estate professional advertising online is playing a numbers game. Online real estate leads close at about 1% to 2%. They call 100 people to get one or two and statistically they call 15 times to get those low numbers. Those types of realtors and lenders simple do not have time to consult a potential buyer. Our team works entirely on referrals and providing online education.
…Okay that last one turned into a bit of a plug for our team. Let’s continue…
#2 – All three of us can work together to game plan
Purchasing a house is unlike any other major purchase. It is one of the largest purchases anyone will make in their life and it always feels rushed. There may only be one or two houses on the market at any given time that check all of your boxes. Once you find it you will have to move fast. If you love it there is a good chance at least one or two other families love it as well. Getting your offer in, complete with pre-approval letter, will increase your chances of “outbidding” other buyers. I firmly believe it is the buyer that is the most prepared that wins the house. Most buyers call their lender only after they have seen the house. If you, your lender, and your realtor are all ready to go as soon as you find your dream home, you increase your chances of winning.
#1 – Once you find a house communication is important
At this point we should have already reviewed your credit and documentation. Any questions should be answered and any discrepancies on your documents should be cleared up. Now it is important to maintain that pre-approval. For more extensive information on staying approved go HERE. All lenders will monitor your credit for activity throughout the loan process. They will also do a final verification of employment right before close. Avoid making any changes to income, employment, assets, or credit until after we have fully closed on your home. If something is going to change, let your lender know as soon as possible so they can make adjustments. Most closing issues and delays come from poor communication between the buyer, lender, and realtor. Proper communication, and following these 5 home buying steps, will ensure a smooth closing.
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