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Seven Tips for Households to Heed Throughout the Home Buying Timeline
Consumers should take some steps before they even enter an open house.
It's been a common theme during the past several months that potential homebuyers can use the current economic situation - and low mortgage rates - to save a significant amount on their home purchase.
However, there are also a number of concerns they should take care of throughout the process to ensure they don't get tripped up along the way.
• Check Credit Reports and Scores - Consumers looking to make a home purchase should make sure they take the time to review their credit reports before applying for a mortgage. Each of the credit bureaus must allow a free credit report review once per year. While that doesn't include a FICO score, it allows buyers to identify any errors or unusual items on their credit report. Doing this early allows for any issues to be fixed in time.
• Budget - It may make sense for buyers to get preapproved for a loan they can afford before they really start looking for properties. That will tell sellers that a particular buyer is serious, and may give more credibility to offers. Having a firm budget in mind will also help during the next step - the home search - because buyers won't bother looking at properties that they can't afford.
During the Home Search
• Write Down Essentials -When beginning the home search, buyers should take some time and write down all of their "must-haves" for their new property, along with a list of features they would like to get if they can fit them into their budget. Avoiding properties without those features completely can narrow the search parameters.
• Focus on Location - The old adage of "location, location, location" still rings true for those looking to purchase a home. Buyers should look to make sure that they are viewing properties in towns and neighborhoods that they want to live in.
• Check Local Market Conditions - While a buyer's personal finances are the most critical part of the home buying process, it's also important to review what is happening with the local real estate market. Understanding trends can help buyers formulate their offer best.
Before the Closing
• Review Closing Costs - Buyers looking to move into their new home should also remember to budget for whatever closing costs will be associated with the transaction. Since there are likely to be a number of different expenses, closing costs can sometimes be lost in the shuffle.
• Avoid Credit Red Flags - Even if buyers have been preapproved for a loan, they should avoid making any large purchases before their home sale has been finalized. Lenders may see large purchases as a concern, since they will deplete the cash reserves they had once viewed as a positive factor in your loan application. Once the deal has closed, buyers can start moving into their property and enjoying all of the perks and amenities which come with their new home.
For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.