When you’re on the market for a new home, all of the information you need to bear in mind can get overwhelming. With all of the information regarding buying a home that’s available, it’s easy to have missed some info that could have the potential to save you thousands of dollars. There are a lot of tidbits and facts that aren’t commonly known among first-time home buyers. Remembering these five facts regarding buying a new home will help the process of buying your first home go by much smoother than you could have ever anticipate.
- Mortgage Rates Can Vary:
Most homeowners don’t understand that mortgage rates are determined by multiple factors. Because of the many factors that go into determining a mortgage, rates can change daily. Monitoring mortgage rates can lead to saving bundles of money in the long run. Make sure you’re monitoring mortgage rates daily to ensure that you’re getting the best possible rate for your home loan. Most importantly be sure that you resist the temptation of settling on the first rate you get. Do your homework and select the best possible rate available. - You Don’t Need a Big Name Agency to Sell Your Home:
One mistake homeowners often make is thinking that they need a big-name real-estate agency in order to sell their home. Typically major agencies won’t be as willing to negotiate as a smaller company. Sometimes smaller agencies are capable of providing you with better customer service as well. Keeping your options open will likely serve you well in the long run. - Being Pre-Qualified Doesn’t Secure Financing:
Most people who just hit the market for a home often make the mistake of thinking that because they’re pre-qualified for a loan that they have the financing they need. Being pre-qualified simply means the lender has figured out exactly how much you can afford for your new home. At this point, it’s likely that lenders haven’t run your credit or asked you to verify any of your income sources. With that in mind, you’ll know that your application is in the process of being accepted once all of that information has been requested. - Home inspections May Not Tell the Entire Story of Your Home:
Home buyers may encounter a seller that says they’ve recently had their home inspected. Don’t let that stop you from hiring an inspector that you find through your own research, that way you can get all the facts about the home from an neutral party. Some inspectors keep from reporting every single issue with a home because of the fact that reporting those issues could lead to a prolonged home sale. Make sure that a home inspector is on among the expenses you account for when calculating the costs of buying a new home. - Bringing a Buyer Can Help You Avoid Commission:
If you know that you already have potential suitors for your home, you already have a bargaining chip when you go to meet with a real-estate agent. Before you sign anything with an agent, make sure you share in writing that you already have potential suitors. If you have a buyer that does purchase the property, you’ll be free of having to pay closing costs and commission.