After
Pre-Qualifying for a mortgage, don’t make
major purchases on credit or use your
available cash for down payments. The lender
will be required to pull your credit report
a second time right before you close.
Be sure
to ask about Home Warranties and Home
Inspections. These will save you major
headaches down the road!
Before
you even look at even one home, pre-qualify
with a mortgage lender so you don’t set your
expectations too high or too low when
viewing properties.
Assess
your needs v. wants on a sheet of paper.
Divide the paper into 2 sides: on one side
make a list of features that you HAVE to
have and on the other a list of features
that would be nice to have.
Keep a
record of all your documents from beginning
to end, this will help you in preparing your
taxes and when you decide to sell your home.
Be
realistic when negotiating with the seller,
evaluate recent trends in the market and the
average sale price v. listed price in the
area. Your agent will show you data on the
MLS for comparisons. Remember… you and the
seller set the price, not your agent or
theirs.
If you
know you have credit complications, it is a
good idea to meet with a qualified mortgage
lender to assess your situation and create a
strategy for cleaning up your credit, your
lender will advise you on what steps to take
in order to qualify sooner for a loan.
