PURCHASING YOUR HOME
At Equity House, we understand that home mortgages, home loans and purchasing a home can sometimes seem like an intimidating task.
The following guide should help you make a little more sense of the whole home mortgage and home loan process.
Getting Pre-Qualified for a Home Loan It's always a good recommendation to prequalify yourself for a mortgage before going out looking at homes. The main reasons for this are:
You know how much house you can buy, so that you do not waste time searching in the wrong price range.
You are in a better position to negotiate with the seller because you are ready to buy, compared to someone who still has to find out if he/she can even qualify for a loan.
Your whole buying process is less stressful because you have jumped a big hurdle in the home buying process - qualifying for a loan - even before you make an offer.
Making Your Offer Once you know how much home you can buy, the next step is to go find the home in your price range.
One of the first things you should do is to find an area where you would like to live and contact a real estate agent.
You may have to make offers on several properties before someone accepts, depending on the market condition.
Remember that this is a negotiation process. Rarely is the actual purchase price paid.
The Home Loan Process Whether you are purchasing or refinancing, the loan process is similar.