Questions people ask before you start looking to buy a house ep4

anthony patton

Whether a buyer is purchasing their first home or their fifth home, the home buying process can create many emotions and feelings. One of the best ways to ensure the process is not overwhelming for a buyer is to be well educated and properly prepared for the process.

There are normally many questions that home buyers will have throughout the process. Even an experienced home buyer can forget exactly how the process works and what the proper steps are to ensure the process is relatively smooth.

When buying a home, one of the most important things to understand is that “no question is a dumb question.” If you’re unsure of something when buying a home, ask!

Questions Asked Before Starting The Home Buying Process

• Should I talk with a mortgage person before looking at homes?

The answer to the question is YES! There are tons of reasons why you should talk with a mortgage person and get pre-approved before looking at homes. First and foremost we can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $250,000 if you can only afford up to $200,000.

If you’re a first time home buyer, there are many first time home buyer programs available. These programs can vary from state to state and county to county, so knowing exactly what’s available to you, is critical.

Another important reason is so you understand exactly what costs are associated with buying a home. There are many home buyers who don’t understand the difference between a down payment, pre-paid items, and escrows, which can be thoroughly explained by someone on our mortgage team. We can give you expert advice on the type of financing you should be looking to obtain and also whether or not you should request the seller to contribute towards your closing costs, also known as a seller’s concession.

• Should I buy or continue to rent?

Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances. The current interest rates are incredibly low. A 30-year mortgage can be cheaper than rent payment and with rent payment you never see that money again. There are questions that you should ask yourself before deciding to buy a home. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If the answer is only a few years, it’s likely the better decision is to continue renting. Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done, are you ready for that?

Buying a home is a great option in many cases, but not always.

• I own a home, should I buy another before selling my current home?

There are pro’s and con’s to buying a home before selling your current home our expert advisors will help you compare all the options… but some things to think about….

The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up. This can reduce the stress and pressure of having to find a home once your current home is sold. However this can create disappointment and heartbreak. If you are not financially qualified to purchase a new home without having to sell your current home, you’re purchase offer is going to be … If your current home does not sell in a timely manner, this can lead to you getting “bumped” by another buyer that does not have a house to sell and